Kvartalsrapport Q4 2023

Country-by-country information for financial year 2023 
MEUR
Unrelated 
parties 
tevenue1
Related 
parties 
revenue in 
other tax 
jurisdictions2
Result 
before 
income tax3
Income 
tax paid
(on cash 
basis)4
Income 
tax 
accrued 
(current 
year)5
Number of 
employees6
Tangible 
assets 
(other than 
cash and 
equivalents)7 Primary activity in jurisdiction8
Main reasons for differences between current 
tax accrued and tax as per statutory rate9
Australia  111  1  2  2  0  32  30 Sales
China  571  31  -83  0  0  2,547  1,050 Manufacturing, sales, support services, forestry Loss
Hong Kong  25  1  0  0  0  7  0 Support services
India  0  0  0  0  0  5  0 Support services
Japan  0  2  0  0  0  12  0 Sales, support services
Singapore  0  3  0  0  0  14  0 Support services
Austria  350  78  18  8  4  1,017  123 Manufacturing, sales
Belgium  326  57  30  7  9  501  146 Manufacturing, sales
Germany  236  46  107  3  1  585  39 Manufacturing, sales
Estonia  139  109  37  1  1  713  40 Manufacturing, sales, support services Taxation not based on profit
Spain  0  2  0  0  0  13  0 Support services
Finland  4,131  1,229  -652  23  0  5,587  2,433 Manufacturing, R&D, procurement, sales, group 
management
Loss
France  42  6  -1  0  0  29  4 Sales, support services
Italy  0  8  5  2  1  27  0 Support services
Lithuania  61  45  4  2  1  344  20 Manufacturing, sales
Latvia  77  89  15  1  1  402  52 Manufacturing, sales Taxation not based on profit
Netherlands  504  108  138  7  10  906  370 Manufacturing, sales, support services Non-taxable internal dividends
Portugal  0  1  0  0  0  1  0 Support services
Slovenia  28  0  1  0  0  5  1 Sales
Slovakia  0  1  0  0  0  2  0 Procurement
Czech Republic  244  92  12  7  2  1,158  152 Manufacturing, sales
Denmark  17  4  0  0  0  5  0 Support services
Poland  471  118  39  11  11  1,997  451 Manufacturing, sales
Sweden  2,145  1,060  -896  5  0  3,904  7,345 Manufacturing, R&D, procurement, sales, group 
management, forest ownership
Temporary differences
United Kingdom  245  6  6  2  1  83  31 Sales, support services
Norway  17  84  0  0  0  3  5 Procurement
Turkey  0  0  0  0  0  2  0 Support services
Ukraine  0  0  0  0  0  1  0 Support services
Mexico  0  1  0  0  0  14  0 Support services
United States  96  5  2  0  0  30  21 Sales, support services
United Arab Emirates  0  1  0  0  0  8  0 Support services
South Africa  0  0  0  0  0  3  0 Support services
Brazil  6  182  -3  2  2  549  323 Manufacturing, forestry
Uruguay  41  403  171  7  7  312  1,611 Manufacturing, forestry Favourable tax treatment
Stora Enso Group  9,881  3,774  -1,048  89  51  20,822  14,247 
Names of the resident entities can be found in note 6.2 Group companies in the Financial report.
1 Revenues from third-party sales is the total amount of revenue from domestic and foreign external parties of the entities in 
the jurisdiction.
2 Revenues from intra-group transactions with other tax jurisdictions provides the total amount of cross-border revenue from other group 
entities.
3 Profit/loss before tax is the total amount of the group entities’ profit or loss before tax in the jurisdiction, as reported under IFRS. 
The reported amounts include temporary and permanent differences between accounting and taxation, such as non-taxable dividends 
from other group companies, and thus do not represent the taxable income on which taxes are calculated in the jurisdiction’s taxation.
4 Corporate income tax paid on a cash basis contains the total of corporate income taxes paid during the reported period by the 
companies in the jurisdiction to the home jurisdiction and all other jurisdictions. The amount contains tax payments for previous years and 
excess payments refundable in following years.
5 Corporate income tax accrued on profit/loss is the IFRS reported current tax expense of the reported period. The amounts do not 
include deferred taxes from temporary differences and tax losses, and thus do not represent the total tax expense of the entities in the 
income statement. The amounts do not contain taxes from previous periods.
6 Number of employees is the total average number of employees in the jurisdiction during the year.
7 Tangible assets other than cash and cash equivalents states the total of IFRS reported values of tangible assets in the entities of 
the jurisdiction.
8 Primary activities in the jurisdiction lists the main activities of all group entities in the jurisdiction.
9 Reasons for differences between income tax accrued and tax as per statutory rate explains the main reasons for the difference between 
the reported corporate income tax accrued for the year (5), and the amount of tax when applying the jurisdiction’s statutory corporate 
income tax rate to the profit/loss before tax (3). The reasons for differences may come from several sources, many of which are reporting 
technical. For example, profit/loss before tax (3) may contain items that will become taxable earlier or later than they are recognised in 
bookkeeping, creating timing differences on which deferred tax is recognised. In addition, differences may be due to utilization of tax 
losses or incurring new loss, for which deferred tax is also normally recognised. However, as per the standard, the accrued income tax (5) 
is reported here excluding deferred taxes, which creates a timing related difference between tax accrued and tax as per the statutory rate. 
Other main reasons for differences listed in this column may be tax exempt items such as group internal dividends, costs not deductible 
for tax purposes, favourable tax treatments (see previous page), and taxes from previous years. 
47
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernance
79Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders 35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

===== SIDA 80 =====

Independent practitioner’s Assurance Report on sustainability reporting
To the Board of Directors and Group Leadership Team of Stora Enso Oyj
Introduction
We have been engaged by the Board of Directors and Group 
Leadership Team of Stora Enso Oyj (hereinafter also 
the “Stora Enso”) to perform a limited assurance engagement 
on Stora Enso’s sustainability reporting disclosed as part of 
the Annual Report 2023, EU taxonomy reporting and Stora Enso 
as a taxpayer reporting 2023, and reasonable assurance on 
Stora Enso’s direct and indirect (Scope 1 + 2) fossil CO2 
emissions as disclosed in the sustainability reporting (hereafter 
sustainability reporting) for the reporting period from 1 January 
2023 to 31 December 2023. Stora Enso has defined the scope of 
its sustainability reporting on pages 63, 77 and 118 in this report.
The GHG emissions inventory includes data for Stora Enso’s 
Production units, excluding joint operations. Scope 1 and 
Scope 2 emissions are verified with reasonable assurance 
and Scope 3 emission categories: harvesting and wood 
transportation, fuels and energy (production and transportation), 
purchased materials (production and transportation), 
transportation and distribution of products to customers globally, 
processing of products by customers, with limited assurance.
Management’s responsibility
The Board of Directors and Group Leadership Team of 
Stora Enso are responsible for preparing the sustainability 
reporting in accordance with the applicable reporting criteria. 
The criteria are explained on pages 63, 77 and 118 in this 
report, and consist of, the Global Reporting Initiative (GRI) 
Sustainability Reporting Standards which are applicable to 
the Stora Enso’s sustainability reporting, the Greenhouse Gas 
Protocol for CO2 emissions, Regulation (EU) 2020/852 and 
supplementing delegated acts as well as the Reporting 
Criteria as set out in the Company’s reporting instructions. 
The Board of Directors and Group Leadership Team of 
Stora Enso are also responsible for such internal control as 
the management determines is necessary to enable the 
preparation of the sustainability information that is free from 
material misstatement, whether due to fraud or error.
Practitioner’s independence, other ethical 
requirements and quality management 
We have complied with the independence and other ethical 
requirements of the International Code of Ethics for Professional 
Accountants (including International Independence Standards) 
issued by the International Ethics Standards Board for 
Accountants (IESBA code), which is founded on fundamental 
principles of integrity, objectivity, professional competence and 
due care, confidentiality and professional behavior.
PricewaterhouseCoopers Oy applies International Standard 
on Quality Management (ISQM) 1, which requires the firm to 
design, implement and operate a system of quality 
management including policies or procedures regarding 
compliance with ethical requirements, professional standards 
and applicable legal and regulatory requirements.
 
Practitioner’s responsibility
Our responsibility is to express a limited assurance conclusion 
on the sustainability information and a reasonable assurance 
on Scope 1 and 2 fossil CO2 based on the procedures we 
have performed and the evidence we have obtained.
We conducted our limited assurance engagement in 
accordance with the International Standard on Assurance 
Engagements (ISAE) 3000 (revised) “Assurance Engagements 
Other than Audits or Reviews of Historical Financial Information”, 
to provide limited assurance on the Sustainability reporting as 
a whole, including EU taxonomy reporting, and in accordance 
with ISAE 3410, “Assurance Engagements on Greenhouse Gas 
Statements”, to provide reasonable assurance on direct and 
indirect (Scopes 1 + 2) fossil CO2 emissions as disclosed in the 
sustainability reporting. These standards require that we plan and 
perform the engagement to obtain appropriate level of assurance 
that the information examined is free from material misstatement.
The objective of assurance is to obtain reasonable 
assurance that the information is free of material 
misstatements. A reasonable assurance engagement includes 
examining, on a test basis, evidence supporting the information 
for the assurance of fossil CO2 in the sustainability report. 
We have evaluated the effectiveness of internal controls and 
the processes for collecting and consolidating fossil CO2 
emissions data, and performed testing on a sample basis to 
evaluate whether the fossil CO2 emissions are reported 
according to the Reporting Criteria.
In a limited assurance engagement, the evidence-gathering 
procedures are more limited than for a reasonable assurance 
engagement, and therefore less assurance is obtained than in 
a reasonable assurance engagement. An assurance 
engagement involves performing procedures to obtain evidence 
about the amounts and other information in the sustainability 
information. The procedures selected depend on the 
practitioner’s judgment, including an assessment of the risks of 
material misstatement of the sustainability information.
Our work consisted of, amongst others, the following procedures:
• Interviewing members of the Group Leadership Team of 
Stora Enso.
• Visiting Stora Enso’s sites in Anjalankoski, Imatra, 
and Sausenheim.
• Interviewing employees responsible for collecting and 
reporting the information at the Group level.
• Assessing how Group employees apply the reporting 
instructions and procedures of Stora Enso.
• Testing the accuracy and completeness of the information 
from original documents and systems on a sample basis.
• Testing the consolidation of information and performing 
recalculations on a sample basis.
• Considering the disclosure and presentation of 
the sustainability information.
Reasonable assurance opinion
We have conducted a reasonable assurance engagement 
on Stora Enso’s direct and indirect (Scopes 1 + 2) fossil CO2 
emissions for the year ended 31 December 2023.
In our opinion, Stora Enso’s direct and indirect (Scopes 1 + 2) 
fossil CO2 emissions have, in all material respects, been 
prepared in accordance with the reporting criteria.
 
Limited assurance conclusion
We have conducted a limited assurance engagement on 
Stora Enso’s sustainability reporting for the year ended 
31 December 2023.
Based on the procedures we have performed and 
the evidence we have obtained, nothing has come to our 
attention that causes us to believe that sustainability reporting, 
including EU Taxonomy reporting and Stora Enso as 
a taxpayer reporting is not prepared, in all material respects, 
in accordance with the Reporting criteria.
When reading our assurance report, the inherent limitations 
to the accuracy and completeness of sustainability information 
should be taken into consideration.
Our assurance report has been prepared in accordance with 
the terms of our engagement. We do not accept, or assume 
responsibility to anyone else, except to Stora Enso for our work, 
for this report, or for the conclusion that we have reached.
 
Helsinki 12 February 2024
PricewaterhouseCoopers Oy
Samuli Perälä, Authorised Public Accountant (KHT)
48
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernance
80Stora Enso 2023: Sustainability reporting
Sustainability reporting
Sustainability approach,  
governance, and stakeholders 35
Sustainability targets  38
Climate change: emissions 39
Sustainable forestry and biodiversity  41
Circularity  43
Product stewardship 45
Materials, residuals, and waste 46
Energy 47
Water 48
Environmental incidents  50
Employees 51
Safety 53
Business ethics 54
Human rights 56
Community 58
Sustainable sourcing  60
Policies and guidelines  62
Consolidation of  
sustainability statements  63
Sustainability data by unit 64
Consolidated sustainability figures  67
Stora Enso as a taxpayer 77
Assurance Statement  80

===== SIDA 81 =====

Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97
Governance

===== SIDA 82 =====

Corporate Governance in Stora Enso 2023
The duties of the various bodies within Stora Enso Oyj (“Stora Enso” or the “Company”) are 
determined by the laws of Finland and by the Company’s corporate governance policy, which 
complies with the Finnish Companies Act and the Finnish Securities Market Act. The rules and 
recommendations of the Nasdaq Helsinki Oy and Nasdaq Stockholm AB stock exchanges are 
also followed, where applicable. The corporate governance policy is approved by the Board of 
Directors (“Board”). 
Stora Enso complies with the Finnish Corporate Governance Code 2020 issued by 
the Securities Market Association (the “Code”). The Code is available at cgfinland.fi. Stora Enso 
also complies with the Swedish Corporate Governance Code (“Swedish Code”), with 
the exception of the deviations listed in Appendix 1 of this Corporate Governance Report. 
The deviations are due to differences between Swedish and Finnish legislation, governance 
code rules and practices, and in these cases Stora Enso follows the practice in its domicile. 
The Swedish Code is issued by the Swedish Corporate Governance Board and is available 
at corporategovernanceboard.se. 
This Corporate Governance Report is available as a PDF document at storaenso.com/
investors/governance. 
General governance issues 
The Board and the President and CEO are responsible for the management of the Company, 
the roles and responsibilities of which are described in more detail later in this report. Other 
governance bodies have an assisting and supporting role. 
The Stora Enso group prepares Consolidated financial statements and Interim Reports 
conforming to International Financial Reporting Standards (IFRS Accounting Standards), and 
publishes Annual Financial Statements as well as Interim Reports in Finnish and English. 
Stora Enso Oyj prepares its Financial statements in accordance with the Finnish Accounting Act. 
The Company’s head office is in Helsinki, Finland, and it also has head office functions in 
Stockholm, Sweden.
Stora Enso has one statutory auditor elected by the shareholders at the Annual General 
Meeting (AGM). 
To the maximum extent possible, corporate actions and corporate records are taken and 
recorded in English.
Objectives and composition of governance bodies 
The shareholders exercise their ownership rights through the shareholders’ meetings. 
The decision-making bodies responsible for managing the Company are the Board and 
the CEO, while the Group Leadership Team (GLT) supports the CEO in managing the Company. 
The day-to-day operational responsibility rests with the GLT members and their operation 
teams are supported by various staff and service functions.
Shareholders’ meetings 
The Annual General Meeting of shareholders (AGM) is held annually to present detailed 
information about the Company’s performance and to deal with matters such as adopting 
the annual accounts, setting the dividend (or distribution of funds) and its payment, and appointing 
the Chair, Vice Chair, and the members of the Board of Directors, as well as the Auditor. 
Shareholders may exercise their voting rights and take part in the decision-making process of 
Stora Enso by participating in shareholders’ meetings. Shareholders also have the right to ask 
the Company’s management and Board of Directors questions at shareholders’ meetings. Major 
decisions are taken by the shareholders at Annual or Extraordinary General Meetings. At 
a shareholders’ meeting, each A share and every ten R shares carry one vote. Shareholders 
may also exercise their decision-making rights by means of pre-voting, which has been offered 
by the Company as a means of exercising voting rights since 2020. 
The Board of Directors convenes a shareholders’ meeting by publishing a notice of 
the meeting at the Company’s website not more than three months before the last day for 
advance notice of attendance mentioned in the notice of the meeting and not less than three 
weeks before the date of the meeting. In addition, the Company publishes details on the date 
and location of the meeting, together with the address of the Company’s website, in at least two 
Finnish and two Swedish newspapers. Other regulatory notices to the shareholders are 
delivered in the same way. 
82Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 83 =====

The AGM shall be held annually by the end of June in Helsinki, Finland. The Finnish 
Companies Act and Stora Enso’s Articles of Association specify in detail that the following 
matters have to be dealt with at the AGM:
• presentation and adoption of the annual accounts 
• presentation of the Board of Directors report and the Auditor’s report
• use of the result and distribution of funds to the shareholders
• resolution concerning discharge of the members of the Board and the CEO from liability
• presentation of the remuneration policy and/or report 
• decision on the number and the remuneration of the members of the Board and the Auditor
• election of the Chair, Vice Chair, and other members of the Board and the Auditor
• any other matters notified separately in the notice of the meeting.
In addition, the AGM shall take decisions on matters proposed by the Board of Directors. 
A shareholder may also propose items for inclusion in the agenda provided that they are within 
the authority of the shareholders’ meeting and the Board of Directors was asked to include the 
items in the agenda no later than on the date set out by the Company, which must be not earlier 
than four weeks before the publication of the notice of the meeting and which will be announced 
at the Company’s website no later than by the end of the financial year preceding the AGM.
An Extraordinary General Meeting of Shareholders is convened when considered necessary by 
the Board of Directors or when requested in writing by the Auditor or shareholders together holding 
a minimum of one tenth of all the shares to discuss a specified matter which they have indicated.
In 2023 
Stora Enso’s AGM was held on 16 March 2023 in Helsinki, Finland. Of all issued and outstanding 
shares in the Company, a total of 69.3% of all shares (68.6% in 2022) and a total of 85.9% of all 
votes (83.8%) were represented at the meeting, with 94.2% of all A shares (91.4%) and 62.2% of all 
R shares (62.1%) represented. All Board members and most of the GLT members as well as 
Company's Auditor were present at the meeting. The AGM, in addition to regular matters, authorised 
the Board to decide on a share issue or share repurchase covering a maximum of 2,000,000 R 
shares in order to carry out the Company's compensation or remuneration schemes. 
No Extraordinary General Meetings of Shareholders were convened in 2023. 
Shareholders’ Nomination Board 
Shareholders at the Annual General Meeting (AGM) have established a Shareholders’ 
Nomination Board to exist until otherwise decided, and to annually prepare proposals to 
the shareholders’ meeting concerning: 
• the number of members of the Board; 
• the Chair, Vice Chair, and other members of the Board; 
• the remuneration for the Chair, Vice Chair, and members of the Board; 
• the remuneration for the Chair and members of the committees of the Board.
The AGM has approved the Charter of the Shareholders’ Nomination Board and shall approve 
any proposed amendments of the Charter, other than technical updates.
The Shareholder’s Nomination Board according to its Charter comprises four members:
• the Chair of the Board; 
• the Vice Chair of the Board; 
• two members appointed annually by the two largest shareholders (one each) as of 31 August.
The Board through its Chair shall ensure that the annual appointment of the members to 
the Shareholders’ Nomination Board is carried out as set out in the Charter as decided by 
the AGM. The Board Chair shall annually convene the first meeting of the Shareholders’ 
Nomination Board, which shall elect its Chair amongst its members that are annually appointed 
by the Company’s two largest shareholders.
The Shareholders’ Nomination Board shall serve until further notice, unless the AGM decides 
otherwise. Its members are elected annually, and their term of office shall end when new 
members are elected to replace them.
83Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 84 =====

In 2023
The Shareholders’ Nomination Board comprised four members: Kari Jordan (Chair of the Board), 
Håkan Buskhe (Vice Chair of the Board) and two other members appointed by the two largest 
shareholders, namely Jouko Karvinen (Solidium Oy) and Marcus Wallenberg (FAM AB). Until 
6 September 2023 Solidium was represented by Reima Rytsölä. Marcus Wallenberg was elected 
Chair of the Shareholders’ Nomination Board.
The main tasks of the Shareholders’ Nomination Board were to prepare the proposals 
for the AGM 2024 concerning Board members and their remuneration. During its working period 
2023–2024, the Shareholders’ Nomination Board convened three (3) times. Each member of 
the Shareholders’ Nomination Board attended all the meetings. Kari Jordan and Håkan Buskhe did 
not participate in the preparations or the decision-making regarding Board remuneration. 
In its proposal for the AGM 2024, the Shareholders’ Nomination Board proposes that of the 
current members of the Board of Directors Håkan Buskhe, Elisabeth Fleuriot, Helena Hedblom, 
Astrid Hermann, Kari Jordan, Christiane Kuehne and Richard Nilsson be re-elected members of 
the Board of Directors until the end of the following AGM and that Reima Rytsölä be elected new 
member of the Board of Directors for the same term of office. It is proposed that Kari Jordan be 
elected Chair of the Board and Håkan Buskhe Vice Chair of the Board. Antti Mäkinen has informed 
the Shareholders' Nomination Board that he is not available for re-election. The Shareholders’ 
Nomination Board also proposes that the annual remuneration for the Chair, Vice Chair, and 
members of the Board of Directors, as well as for the Chairs and members of Board Committees be 
increased by three percent.
For the purpose of carrying out its tasks, the Shareholders’ Nomination Board has received 
the results of the self-evaluation of the Board of Directors as well as the assessment of each 
director’s independence of the Company and of significant shareholders. The Shareholders’ 
Nomination Board has taken the results of the Board evaluation and the requirements relating to 
director independence into account in its work. The Shareholders’ Nomination Board further 
considers the principles of the Board Diversity Policy in preparing its proposal. The Shareholders’ 
Nomination Board has a Charter that defines its tasks and responsibilities in more detail.
Remuneration 
No remuneration is paid for members of the Shareholders’ Nomination Board as decided by the AGM. 
The Shareholders’ Nomination Board Charter is presented at storaenso.com/investors/governance.
Composition of the Shareholders’ Nomination Board in 2023
Kari Jordan¹, member Håkan Buskhe¹, member
Chair of Stora Enso’s Board of Directors Vice Chair of Stora Enso’s Board of Directors
Marcus Wallenberg, Chair Jouko Karvinen, member²
Chair of Stora Enso’s Shareholders’ Nomination 
Board. Born 1956. B.Sc. (Foreign Service). Chair of 
the Board of Directors of FAM AB.
Member of Stora Enso’s Shareholders’ Nomination 
Board. Born 1957. M.Sc. (Tech.). Chair of the Board of 
Directors of Solidium Oy.
1 Curriculum vitae of Kari Jordan and Håkan Buskhe, see chapter Members of the Board of Directors. 
2 Until 6 September 2023 Solidium was represented by Reima Rytsölä.
Board of Directors
Stora Enso is managed by the Board acting in accordance with the Finnish Companies Act as 
well as other applicable legislation.
According to the Company’s Articles of Association, the Board comprises six to eleven 
ordinary members appointed by the shareholders at the AGM for a one-year term. The majority 
of the directors shall be independent of the Company. In addition, at least two of the directors 
comprising this majority shall be independent of significant shareholders of the Company. 
A significant shareholder is a shareholder that holds at least 10% of all the Company’s shares or 
the votes carried by all the shares or a shareholder that has the right or the obligation to 
purchase the corresponding number of already issued shares. The independence is evaluated 
annually in accordance with the Finnish Corporate Governance Code.
All directors are required to deal at arm’s length with the Company and its subsidiaries and to 
disclose circumstances that might be perceived as a conflict of interest. 
The shareholders at the AGM decide the remuneration of the Board members (including 
the remuneration of the members of the Board committees). 
The Board supervises the operation and management of Stora Enso and decides on 
significant matters relating to strategy, investments, organisation, and finance. 
The Board is responsible for overseeing management and for the proper organisation of 
the Company’s operations. Likewise, it is responsible for overseeing the proper supervision of 
accounting and the control of financial and sustainability matters.
The Board has defined a working order, the principles of which are published in chapter 
Working order of the Board in this report and at storaenso.com/investors/governance. 
The AGM elects the Chair and Vice Chair of the Board. Should the Chair or Vice Chair of the 
Board of Directors resign or become otherwise unable to act as Chair or Vice Chair during their 
term of office, the Board may elect a new Chair or Vice Chair from among its members for the 
remaining term of office. 
The Board annually agrees on focus areas for the Board’s work during the upcoming year 
constituting the Board Agenda. 
The Board appoints the CEO, Chief Financial Officer (CFO), and other GLT members. 
The Board approves the main organisational structure of the Company. 
The Board reviews and determines the remuneration of the CEO, which is described in 
the Annual Report and on the Company’s website. The Board and each of its Committees 
evaluates its performance annually. The results of the Board’s evaluation are reviewed by 
the Board and shall be communicated to the Shareholders’ Nomination Board, which shall take 
the results of the Board evaluation into account in its work. The Board also reviews the corporate 
governance policy annually and amends it when required. 
The Board’s work is supported through its committees – the Financial and Audit Committee, 
the People and Culture Committee and the Sustainability and Ethics Committee. Each 
committee’s Chair and members are appointed by the Board annually. 
The Board meets at least five times a year. The Board members meet regularly without 
management in connection with the Board meetings.
84Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 85 =====

Board Diversity Policy
The Company has established a Board Diversity Policy setting out the principles concerning 
the diversity of the Board. The Shareholders’ Nomination Board shall, in connection with 
preparing its proposals for the nomination of directors to the AGM, consider the principles of 
the Company’s Board Diversity Policy.
Directors shall be nominated on the basis of their merits and with consideration of the 
benefits of diversity and the principles that the Company refers to as Diversity of Thought, 
including, but not limited to, criteria of diversity such as gender, age, nationality, and individual 
differences both in professional and personal experiences. The merits of directors include 
knowledge of the operational environment of the Company, its markets and of the industry within 
which it operates, and may include elements such as financial, sustainability or other specific 
competency, geographical representation, and business background as required in order to 
achieve the appropriate balance of diversity, skills, experience, and expertise of the Board 
collectively. The foremost criteria for nominating director candidates shall be the candidates’ 
skills and experiences, industrial knowledge as well as personal qualities and integrity. 
The composition of the Board as a whole shall reflect the requirements set by the Company 
operations and its development stage. The number of directors and the composition of the Board 
shall be such that they enable the Board to see to its duties efficiently. Both genders shall be 
represented on the Board and the aim of the Company shall be to strive towards a good and 
balanced gender distribution.
The Shareholders’ Nomination Board has taken the principles of the Board Diversity Policy into 
account in its work. The Shareholders’ Nomination Board finds that the composition of the Board as 
proposed to the AGM 2024 reflects diversity and a good variety of skills and experiences among 
the Board members following the principles set out in the Board Diversity Policy. The aim of 
the Shareholders’ Nomination Board going forward is to maintain a good and balanced 
gender distribution.
The Board Diversity Policy is presented at storaenso.com/investors/governance.
In 2023 
The Board had eight members at the end of 2023, all of them independent of the Company. 
The Board members are also independent of significant shareholders of the Company with the 
exception of Håkan Buskhe (CEO of FAM AB) and Richard Nilsson (Investment Director at FAM AB).
The Board members nominated at the AGM in 2023 were Kari Jordan (Chair), Håkan Buskhe 
(Vice Chair), Elisabeth Fleuriot, Helena Hedblom, Astrid Hermann, Christiane Kuehne, Antti 
Mäkinen, Richard Nilsson and Hans Sohlström. Hans Sohlström was a member of the Board until 
his appointment as President and CEO on 18 September 2023. The Board convened 12 times 
during the year. The members' participation rate in meetings amounted to 99%. 
The Board has conducted an internal self-evaluation relating to the Board’s work, which together with 
the evaluation of the Board members’ independence has been provided to the Shareholders’ Nomination 
Board for information. Overall assessment of the Board's work and performance has been effective and 
positive. The Board has worked according to all applicable rules and regulations. For detailed information 
about the Board members and their share ownerships, see chapter Members of the Board of Directors.
Remuneration 
Board remuneration is decided by the AGM each year. The AGM 2023 decided on an annual 
remuneration of EUR 209,000 for the Board Chair, EUR 118,000 for the Vice Chair and EUR 81,000 
for other members, which is paid partly in Company shares as set out in the resolution of the AGM. 
In addition, remuneration may be paid based on Board Committee memberships.
Board Diversity in 2023
During 2023, the Board has been composed of 8–9 members representing five different nationalities 
and a diverse range of experience from global companies and industrial sectors. All Board members 
have university degrees from different fields such as engineering, technology, finance, and law. All 
members have vast experience from global companies either from earlier operative positions or 
through board memberships. A detailed description of the educational and professional backgrounds 
of the Board members can be found in chapter Members of the Board of Directors.
The Board members represent a good knowledge of the operational environment of the Company as 
well as particular experience of amongst others sustainability, ESG, financial competence, and the 
business environment relevant to the operations of the Company. At the end of 2023 the age of the Board 
members varied from 50 years to 68 years and the Board was composed of four women and four men.
In 2023, the Shareholders’ Nomination Board has considered its previous evaluation of 
competencies that may be further strengthened in the long-term Board succession planning. In its 
proposal for the AGM 2024, the Shareholders’ Nomination Board has proposed a Board composition 
that includes four (4) women and four (4) men in the age range of 50 years to 68 years and representing 
a total of five different nationalities. The proposed new Board member Reima Rytsölä would bring strong 
finance and industry competence and experience to the Board, and would, in the view of the 
Shareholders’ Nomination Board, add strong value to the Board as a collective.
The aim of the Shareholders’ Nomination Board going forward is to maintain a good and 
balanced gender distribution.
85Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 86 =====

Working order of the Board
The working order describes the working practices of the Board. A summary of key contents is 
presented below.
Board meetings 
• occur regularly, at least five times a year, according to a schedule decided in advance; 
• special Board meetings, if requested by a Board member or the CEO, are held within 14 days 
of the date of request; 
• agenda and material shall be delivered to Board members one week before the meeting.
Information
• the Board shall receive information monthly concerning financial performance, the market 
situation, and significant events within the Company’s and the group’s operations; 
• Board members shall be informed about all significant events immediately.
Matters to be handled at Board meetings
• matters specified by the Finnish Companies Act;
• approval of business strategy;
• organisational and personnel matters:
– decisions concerning the basic top management organisation;
– decisions concerning the composition of the GLT; 
– remuneration of the CEO; 
– appointment and dismissal of the CEO and approval of heads of divisions and other 
members based on the CEO's proposal belonging to the GLT;
– appointment of Committee Chairs and members; 
– remuneration of GLT members based on the CEO's proposal;
– review talent management and succession planning process (in particular the CEO);
• economic and financial matters:
– approval and review of the annual budget; 
– approval of loans and guarantees, excluding intra-group loans and guarantees; 
– approval of share repurchases, if any, as well as the report of share repurchases;
– approval of Group Risk Management Policy according to the Financial and Audit 
Committee’s proposal; 
• investment matters:
– approval of the investment policy of the group;
– approval of major investments;
– approval of major divestments; 
– receive relevant analyst meeting presentations and analyst reports;
• other matters:
– report of the CEO on the group’s operations;
– reports of the Financial and Audit Committee, People and Culture Committee, and 
Sustainability and Ethics Committee by the chairs of the respective committees. 
The recommendations and proposals by the Shareholders’ Nomination Board shall be 
reported to the Board by the Chair of the Board;
– approval and regular review of the Corporate Governance Policy and the charters of 
the Board Committees;
– annual self-assessment of Board work and performance as well as independence; 
• other matters submitted by a member of the Board or the CEO.
86Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 87 =====

87Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 88 =====

Board committees 
The tasks and responsibilities of the Board committees are defined in their charters, which are 
approved by the Board. All the committees evaluate their performance annually, are allowed to 
use external consultants and experts when necessary, and shall have access to all information 
required. Each committee’s Chair and members are appointed by the Board annually.
Financial and Audit Committee 
The Board has a Financial and Audit Committee to support the Board in maintaining the integrity 
of the Company’s financial and sustainability reporting and the Board’s control functions. 
It regularly reviews and monitors the system of internal control and internal audit as well as its 
efficiency, the management and reporting of financial risks, the audit process, the Company's 
procedures for monitoring related party transactions, the annual corporate governance report, 
and the Report of the Board of Directors including non-financial information. It makes 
recommendations regarding the appointment of external auditor for the Parent Company and 
the main subsidiaries, and monitors the auditor’s independence.
The Committee comprises three to five Board members who are independent of and not 
affiliated with the Company. The members of the Committee must have sufficient expertise and 
experience to be able to challenge and evaluate the Company's internal accounting function and 
internal and external audit functions. At least one member must have the relevant expertise in 
accounting and auditing as required by the applicable regulation. The Financial and Audit 
Committee meets regularly, at least four times a year. The Committee members meet the external 
and internal auditors regularly without the management being present. The Chair of the Committee 
presents a report on each Financial and Audit Committee meeting to the Board. The tasks and 
responsibilities of the Financial and Audit Committee are defined in its charter, which is approved by 
the Board. Financial and Audit Committee members may receive remuneration solely based on 
their role as directors. The compensation is decided by the shareholders at the AGM.
In 2023
The Financial and Audit Committee comprised three members: Richard Nilsson (Chair), Elisabeth 
Fleuriot and Astrid Hermann.1 The Committee convened six times. The members’ participation rate 
in meetings amounted to 94%.
The main task of the Committee is to support the Board in maintaining the integrity of Stora Enso’s 
financial reporting and the Board’s control functions. To fulfil its task, the Committee regularly reviews the 
Company’s system of internal control, management, and reporting of financial and enterprise risks, as well 
as the audit process. During the year the Committee continued to follow-up the forest land and Finnish 
power asset valuations. Also, the Committee reviewed the market guidance principles, and followed up 
the preparation and implementation of the Corporate Sustainability Reporting Directive (CSRD). In 
addition, the Committee reviewed finance plans, and material non-recurring items, including items relating 
to activities such as mergers & acquisitions and restructurings. In addition, the Committee further reviews 
relevant material compliance related cases relating to the integrity of financial reporting or fraud 
investigations that have been reported to Internal Audit and Ethics and Compliance during the year. 
Remuneration
Chair EUR 22,600 per annum and member EUR 15,900 per annum as decided by the AGM.
The Financial and Audit Committee Charter is presented at storaenso.com/investors/governance.
1 The Committee prior to the AGM on 16 March 2023 comprised the following three members: Richard Nilsson (Chair), 
Elisabeth Fleuriot and Hock Goh.
People and Culture Committee
The Board has a People and Culture Committee which is responsible for recommending and 
evaluating executive nominations and remunerations (including reviewing and recommending 
the CEO’s remuneration), evaluating the performance of the CEO, and making 
recommendations to the Board relating to management remuneration issues generally, including 
equity incentive remuneration plans. The People and Culture Committee also reviews the 
Remuneration Report and the Remuneration Policy. There is a People and Culture Committee 
representative present at the AGM to answer questions relating to management remuneration. 
The Board appoints the CEO and approves his/her remuneration as well as the nomination and 
compensation of other members of the Group Leadership Team (GLT). 
The Committee comprises three to four Board members who are independent of and not 
affiliated with the Company. The People and Culture Committee meets regularly, at least once 
a year. The Chair of the People and Culture Committee presents a report on each People and 
Culture Committee meeting to the Board. The tasks and responsibilities of the People and 
Culture Committee are defined in its charter, which is approved by the Board. People and 
Culture Committee members may receive remuneration solely based on their role as directors. 
The compensation is decided by the shareholders at the AGM.
In 2023
The People and Culture Committee comprised three members: Kari Jordan (Chair), Håkan Buskhe 
and Antti Mäkinen.1 The Committee convened four times. The members' participation rate in 
meetings amounted to 92%.
The main task of the Committee is to recommend, evaluate, and propose executive nominations 
and remunerations, review the Company's remuneration reporting, and to make recommendations 
to the Board relating to management remuneration in general, including short- and long-term 
incentive programmes.
Remuneration
Chair EUR 11,300 and member EUR 6,800 per annum as decided by the AGM. 
The People and Culture Committee Charter is presented at storaenso.com/investors/
governance.
1 The Committee prior to the AGM on 16 March 2023 comprised the following three members: Antti Mäkinen (Chair), 
Håkan Buskhe and Kari Jordan.
Sustainability and Ethics Committee
The Board has a Sustainability and Ethics Committee which is responsible for overseeing 
the Company’s sustainability and ethical business conduct, its strive to be a responsible corporate 
citizen, and its contribution to sustainable development. The Committee regularly reviews 
Stora Enso’s Sustainability Strategy and Ethics and Compliance Strategy and, in accordance with 
Stora Enso’s corporate governance structure, oversees their effective implementation as well as 
reviews the Company’s external sustainability reporting. In its work the Committee takes into 
consideration Stora Enso’s Purpose and Values as well as the Stora Enso Code and Business 
Practice Policy. The topics of the Committee meetings include safety, sustainability (in particular, 
climate change, circularity and biodiversity) and ethics.
The Committee comprises two to four Board members who are nominated annually by 
the Board. The members are independent of and not affiliated with the Company. At least one 
88Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 89 =====

Committee member is expected to have sufficient prior knowledge and experience in handling 
sustainability and ethics matters. 
The Committee meets regularly, at least twice a year. The Chair of the Committee presents 
a report on each Sustainability and Ethics Committee meeting to the Board. The tasks and 
responsibilities of the Committee are defined in its charter, which is approved by the Board. 
Sustainability and Ethics Committee members may receive remuneration solely based on their 
role as directors. The compensation is decided by the shareholders at the AGM.
In 2023
The Sustainability and Ethics Committee comprised two members: Christiane Kuehne (Chair), 
and Helena Hedblom.1 The Committee convened four times. The members' participation rate in 
meetings amounted to 100%.
The Committee in each of its meetings reviews the areas relevant for the Committee’s work, 
including safety and sustainability matters, as well as ethics and compliance matters. 
The Committee further reviews safety status and sustainability and ethics and compliance KPI’s, 
sustainability reporting, as well as relevant sustainability and safety initiatives and processes carried 
out during the year. In 2023 the main topics were Health and Safety, Water, Transformation 
programme and Corporate Sustainability Reporting Directive (CSRD) implementation. In addition, 
an important part of the Committee’s work consisted of overseeing reported compliance cases. 
Remuneration
Chair EUR 11,300 and member EUR 6,800 per annum as decided by the AGM. 
The Sustainability and Ethics Committee Charter is presented at storaenso.com/investors/
governance.
1 The Committee prior to appointment of new CEO on 18 September 2023 comprised the following three members: Christiane 
Kuehne (Chair), Helena Hedblom and Hans Sohlström.
Management of the Company 
Chief Executive Officer (CEO) 
The CEO is in charge of the day-to-day management of the Company in accordance with 
the Finnish Companies Act and the instructions and orders issued by the Board. It is the duty of 
the CEO to ensure that the Company’s accounting principles comply with the law and that 
financial matters are handled in a reliable manner.
The Board approves the main organisation, including the functions reporting to the CEO. At 
the end of 2023 the CEO was directly in charge of the following functions, which also reported to him:
• Divisions (Packaging Materials, Packaging Solutions, Biomaterials, Wood Products 
and Forest)
• CFO Office (responsible for Accounting, Controlling, Internal Audit, Investor Relations, 
Information and Cyber Security, Global Business Services, Tax, Treasury) 
• Brand and Communications
• People and Culture 
• Legal, General Counsel 
• Strategy and Innovation (responsible for Innovation and R&D, special strategic projects, 
Corporate Finance and M&A, Investment Process, Energy Services, Enterprise Risk 
Management, Corporate Affairs)
• Sustainability
The CEO is also responsible for preparatory work with regard to Board meetings. In addition, 
the CEO supervises decisions regarding key personnel and other important operational matters. 
One of the GLT members acts as deputy to the CEO as defined in the Finnish Companies Act.
89Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 90 =====

Group Leadership Team (GLT) 
The GLT is chaired by the CEO. The GLT members are appointed by the CEO and approved by 
the Board. At the 2023 year end, the eleven GLT members were the CEO, the CFO, the heads 
of the divisions, People and Culture, Legal (who is also General Counsel), Strategy and 
Innovation, and Sustainability. Sourcing was represented in GLT 1 January–31 October 2023.
The GLT assists the CEO in supervising the Group and divisional performance against 
agreed targets, portfolio strategy, ensuring the availability and value-creating allocation of Group 
funds and capital, and statutory, governance, compliance, and listing issues and policies.
The GLT meets regularly every month, and as required.
In 2023
The GLT had 11 members at the end of 2023. The GLT convened 16 times during the year. 
Important items on the agenda in 2023 were financial performance, safety, strategy and 
transformation, sustainability, reviewing the operations of the Group, planning and following up 
investment and other strategic projects, digitalisation, and preparatory work for Board meetings.
Divisions and other functions
The divisions are responsible for their respective line of business and are organised and 
resourced to deal with all business issues. The CEO steers the divisions through in monthly 
performance meetings (including innovations) as well as the GLT meetings.
Strategic investment projects are approved on the group level following the mandate by 
the CEO and Board of Directors. Each Division will in addition be granted an annual allocation 
intended for smaller annual replacement and development needs in relation to investments. 
All projects are reviewed by the Investment Working Group (IWG) comprising group and division 
representatives and headed by the CFO (in addition, the allocation proposals are made by IWG).
Innovation and R&D is organised in two structures. On the group level, the long-term 
research and company-wide collaborations with academia and external R&D providers are 
managed by a small team of experts. The innovation related to current and future offering of 
the businesses are executed within the divisions to drive market and customer focus. 
At Stora Enso, sustainability work is led by the Executive Vice President (EVP) responsible 
for Sustainability, who reports directly to the CEO and is part of the Group Leadership Team 
(GLT). The CEO holds the ultimate responsibility for the successful implementation of 
Company's sustainability agenda. Everyday sustainability topics are managed by the Group 
Sustainability team together with the People and Culture and Legal functions, and Stora Enso’s 
five divisions. Each of the business divisions has its own Head of Sustainability. The everyday 
implementation of Stora Enso’s sustainability agenda is the responsibility of line management 
supported by functional experts at all levels. Stora Enso’s sustainability work during 2023 was 
steered by the Sustainability Council, which included Heads of Sustainability from the divisions. 
Chaired by the EVP, Sustainability, its work involves identifying longer-term opportunities and 
challenges that may require a Group-wide response as well as sharing of good practices. The 
Sustainability Council met nine times during 2023. Both the GLT and the Board of Directors are 
regularly informed about sustainability progress and other topical issues.
The Company has User Boards for certain cross-functional service functions (Logistics, IT, Energy 
and parts of Wood Supply). These User Boards consist of representatives of the divisions using 
these services. The User Boards supervise and steer the operations of the respective functions.
The Company has established proper disclosure policies and controls, and a process for 
quarterly and other ongoing reporting.
Other supervisory bodies and norms
Auditor 
The AGM annually elects one auditor for Stora Enso. The Financial and Audit Committee monitors 
the auditor selection process and gives its recommendation as to who should serve as the auditor 
to the Board for the purpose of making the proposal to the shareholders at the AGM. The auditor 
shall be an authorised public accounting firm, which appoints the responsible auditor.
Auditor's fees and services
Year Ended 31 December
EUR million 2023 2022
Audit fees  4  4 
Audit-related  0  0 
Tax fees  0  0 
Other fees  0  0 
Total  5  4 
In 2023
On the recommendation of the Financial and Audit Committee, the Board proposed that 
PricewaterhouseCoopers Oy be re-elected auditor by the AGM 2023 for the sixth year as the 
Company's auditors. The AGM 2023 elected PricewaterhouseCoopers Oy as auditor for a term of 
office expiring at the end of the AGM 2024.
Internal Audit
Group Internal Audit is an independent, objective assurance and advisory activity designed to 
add value and improve the operations of Stora Enso. The Internal Audit helps the organisation to 
accomplish its objectives by providing a systematic, disciplined approach to evaluate and 
improve the effectiveness of internal control environment, risk management and 
governance processes.
Internal Audit reports regularly about the status of the audits and key audit findings to 
the Financial and Audit Committee, the Board of Directors. Internal Audit reports also on annual 
basis key findings related to sustainability, ethics, compliance and safety to Stora Enso 
Sustainability and Ethics Committee. Administratively, the Head of Internal Audit reports to 
the Stora Enso CFO and functionally to CEO. The Financial and Audit Committee approves 
the appointment of the Head of the Internal Audit following the recommendation by the CEO. 
Head of Internal Audit is a member of the Ethics and Compliance Management Committee.
Internal Audit annual plan is created on risk- and assurance-based method and focuses on 
the key risk areas. In approved audit areas the compliance of Stora Enso key policies and 
guidelines is prioritized. Internal Audit co-operates with other assurance functions during 
the year in order to avoid overlapping work with other assurance activities, and to be able to 
identify possible gaps in assurance activities. During the year, the Internal Audit executes 
possible special engagements based on a separate request and agreed with management and 
the Financial and Audit Committee. The Financial and Audit Committee approves the Internal 
Audit Annual Plan, Budget and Internal Audit Charter including purpose and objective of 
the work. 
90Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 91 =====

Ethics and Compliance Management Committee 
Stora Enso’s Ethics and Compliance Management Committee supervises and monitors legal 
and regulatory ethics and compliance related policies, the implementation and maintenance of 
processes and tools regarding the same, and concrete compliance cases of principle interest. 
The Ethics and Compliance Management Committee consists of the General Counsel (Chair), 
CEO, CFO, Head of People and Culture, Head of Communications and the Head of Internal 
Audit, with the SVP, Ethics and Compliance being the secretary. The Ethics and Compliance 
Management Committee shall convene at least four times every year.
Ethics and Compliance 
Stora Enso is committed to taking responsibility for its actions, to complying with all applicable 
laws and regulations wherever it operates, and to creating and maintaining ethical relationships 
with its customers, suppliers and other stakeholders. The Stora Enso Code is a single set of 
values defined for all employees to provide guidance on the Company’s approach to ethical 
business practices, environmental values, and human and labour rights. These same values are 
applied wherever Stora Enso operates. The Business Practice Policy complements the Code, 
and sets further out Stora Enso’s approach to ethical business practices and describes 
the processes for reporting on violations thereof. Continuous e-learning, communication, face-to-
face training, and sign-off are organised in order to ensure that these are part of the everyday 
decision-making and activities at Stora Enso.
In order to enhance the supervision and monitoring of legal and regulatory compliance 
related policies and issues, Stora Enso has established its Ethics and Compliance Management 
Committee. In addition, Compliance Forums, comprising heads of key functions in divisions, 
group functions and Chinese operations play an important role in risk assessing and monitoring 
compliance within their respective areas. The Compliance Forums use the Ethics and 
Compliance Self-Assessment Tool (T.E.S.T.) to give them a better overview of the progress their 
units are making in policy implementation, compliance measures taken, and possible gaps and 
risks in compliance. The results of the T.E.S.T. are covered in Compliance Forums and action 
plan are developed and followed up, accordingly.
Stora Enso’s employees are encouraged to report any suspected cases of misconduct or 
unethical behaviour to their own supervisor, or to People and Culture or Legal functions. 
Stora Enso uses an additional external service, the reporting channel Speak Up, through which 
employees and any third party globally can anonymously report potential non-compliance cases 
by phone, mail, or online. This service, which covers all of Stora Enso’s units, is available 24/7. 
All cases are upon completion reported to both the Ethics and Compliance Management 
Committee (from October 2023 the Disciplinary Committee) and the Board of Directors’ 
Sustainability and Ethics Committee. In addition, cases related to fraud or the integrity of 
financial reporting are also reported to the Financial and Audit Committee.
Insider administration 
The Company complies with the EU and Finnish insider regulation as well as the guidelines of 
Nasdaq Helsinki Oy. The Company’s internal insider guidelines are published and distributed 
throughout the group. Stora Enso's legal function and the General Counsel are responsible for 
the procedures relating to inside administration, including monitoring compliance with applicable 
regulation, the keeping of inside lists, and internal training. The Company has established an 
Inside Committee composed of the CEO, CFO as well as representatives of Strategy and 
Innovation, IR and Legal for the purpose of continuously reviewing pending projects and 
the existence of inside information in the Company.
The Company expects the management and all its employees to act in the way required of 
an insider. All unpublished information relating to the Company’s present and future business 
operations shall be kept strictly confidential.
Persons discharging managerial responsibilities (PDMR’s) in Stora Enso are the members of 
the Board, the CEO and the CFO, as well as other members of the Group Leadership Team 
(GLT). PDMR’s, as well as their closely related persons, are subject to a duty to notify 
the Company and the Finnish Financial Supervisory Authority of all transactions with 
the securities of the Company.
The Company also keeps a list of persons that are involved in the preparation of interim 
reports and financial results, which is approved by the General Counsel (Closed Period List). 
Persons included in the list are, e.g., members of the Division management teams, key business 
leaders in the Divisions, members of Financial Communications and Investor Relations, as well 
as the heads and certain team members of Treasury, Group Accounting and Controlling 
and Legal.
Persons who participate in the development and preparation of a project that constitutes 
inside information, are considered project specific insiders. A separate project-specific insider 
register is established when required by the decision of the General Counsel.
The insider guidelines do not permit Stora Enso PDMR’s or persons involved in the 
preparation of interim reports or financial results and entered into the Closed Period List to buy 
or sell any of the Company’s securities (i.e., shares, options and synthetic options) during the 
closed period defined below or when they possess information that could have a material impact 
on the Stora Enso share price.
Closed period 
Stora Enso's closed period starts when the reporting period ends or 30 days prior to the 
announcement of the results, whichever is earlier, and lasts until the results are announced. 
The dates are published in the financial calendar at storaenso.com/calendar. 
During the closed periods, Stora Enso PDMR’s or persons entered into the Company’s 
Closed Period List are not allowed to trade in Company securities.
Guidelines for Related Party Transactions
The principles applicable to the monitoring of Stora Enso related party transactions are set out in 
Stora Enso's Guideline for Related Party Transactions. The Guideline defines Stora Enso related 
parties and sets out the decision-making order and principles for monitoring related party 
transactions, including a description of Stora Enso internal controls with regards to related party 
transactions. Information on material transactions with related parties is set out in note 6.3 of 
Stora Enso's consolidated financial statements. 
Stora Enso business activities may include regular or less frequent transactions with related 
parties. Transactions with related parties shall always promote the purpose of the Company and 
be concluded on acceptable terms and in the interest of the Company, as well as in compliance 
with prevailing regulation. Internal controls have been designed to ensure that related party 
transactions are duly monitored and identified.
Related party transactions, which are part of the ordinary course of business and undertaken 
on market terms are approved in accordance with the Company's internal guidelines. Any 
transaction which would not meet these terms must be reported to the Financial and Audit 
Committee and be approved by the Board of Directors. The Board of Directors is responsible for 
overseeing the processes established for monitoring related party transactions.
91Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 92 =====

Internal control and risk management related to financial reporting 
Internal control over financial reporting 
The system of internal control related to financial reporting in the Stora Enso group is based 
upon the framework issued by the Committee of Sponsoring Organisations (COSO) and 
comprises five principal components of internal control: the control environment, risk 
assessment, control activities, information and communication, and monitoring.
The internal controls related to financial reporting are designed to provide reasonable 
assurance regarding the reliability of financial reporting and the preparation of financial 
statements in accordance with applicable laws and regulations, generally accepted accounting 
principles, and other requirements for listed companies.
Control environment 
Stora Enso’s control environment sets the tone of the organisation providing the company 
purpose and values, policies, processes and structures as a foundation for carrying out internal 
control across the organisation. Stora Enso has a formal Code that sets forth its rules. 
To complement the Code, Stora Enso has a Business Practice Policy which further sets out 
the Company’s approach to ethical business practices. All employees are expected to comply 
with the Code and the Business Practice Policy. Continuous e-learning, face-to-face training and 
sign-off are organised in order to ensure that these are part of the everyday decision-making 
and activities at Stora Enso.
The Board, supported by the Financial and Audit Committee, has the overall responsibility for 
setting up an effective system of internal control and risk management. Responsibility for 
maintaining effective risk management and internal controls over financial reporting is delegated 
to the CEO. The GLT and senior management issue corporate guidelines in accordance with 
Stora Enso’s policy management process. These guidelines stipulate responsibilities and 
authority and constitute the control environment for specific areas, such as legal, sustainability, 
people and culture, finance as well as for sourcing and logistics. Internal control responsibilities 
have been described in Stora Enso’s Internal Control Policy which also outlines the 
responsibilities of the first and second line of defence. Internal control function is divided into 
Group and division functions. Group Internal Control function, under the supervision of CFO and 
Group Controller, is responsible for internal control governance, processes, tools and internal 
control reporting over financial reporting, whereas division internal control functions are 
responsible for executing the internal control processes in divisions. Divisions, various support 
and service functions are accountable for operating effective internal controls.
Risk assessment 
Stora Enso’s management specifies objectives relating to the preparation of financial 
statements. The Company applies a process to establish the overall materiality and to identify 
significant financial statements accounts and disclosures. Relevant objectives and risks for 
processes are identified and evaluated to determine Stora Enso’s minimum internal control 
requirements for all business units and group functions. The assessment of risks includes, as 
one part of the assessment, risks related to fraud and irregularities as well as the risk of loss or 
the misappropriation of assets. Information on the development of essential risk areas and 
executed and planned activities in these areas are regularly communicated to the Financial and 
Audit Committee. 
Control activities 
Stora Enso’s control activities are the policies, guidelines, procedures and organisational 
structures in place to ensure that management directives are carried out and that necessary 
action is taken to address risks related to the achievement of objectives relating to financial 
reporting. Stora Enso’s minimum internal control requirements are aimed at preventing, 
detecting, and correcting material accounting and disclosure errors and irregularities and are 
performed on all company levels. They include a range of activities such as approvals, 
authorisations, verifications, reconciliations, reviews of operating performance, the security of 
assets, and the segregation of duties, as well as general IT controls.
Information and communication 
The Company’s information and communication channels support the completeness and 
correctness of financial reporting. For example, the management communicates information 
about Stora Enso’s financial reporting objectives, financial control requirements, policies and 
procedures regarding accounting and financial reporting to all employees concerned. 
The management also communicates regular updates and briefings regarding changes in 
accounting policies and reporting and disclosure requirements. Subsidiaries and operational 
units make regular financial and management reports to the management, including the analysis 
of and comments on financial performance and risks. The Board receives monthly financial 
reports. The Company has internal and external procedures for the anonymous reporting of 
violations related to accounting, internal controls, and auditing matters.
Monitoring 
The Company’s financial performance is reviewed at each Board meeting. The Financial and 
Audit Committee reviews all Interim Reports and the Board approves them before they are 
released by the CEO. The annual financial statements and the Report of the Board of Directors 
are reviewed by the Financial and Audit Committee and approved by the Board. The 
effectiveness of the process for assessing risks and the execution of control activities are 
monitored continuously at various levels. Information on the development of essential risk areas 
and executed and planned activities in these areas are regularly communicated to the Financial 
and Audit Committee. Monitoring involves both formal and informal procedures applied by 
management, including reviews of results which are compared against the set budgets and 
plans, analytical procedures, and key performance indicators. Stora Enso Group Internal Control 
function monitors control design and control operating effectiveness and prepares quarterly 
internal control reporting to management.
In addition to the Group Internal Control function, the Stora Enso Group Internal Audit has 
an independent oversight role on internal control over financial reporting governance. 
The Internal Audit regularly evaluates the effectiveness and efficiency of Stora Enso’s 
governance, risk management and system of internal control over financial reporting.
92Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 93 =====

Members of the Board of Directors
Kari Jordan
Born 1956. M.Sc. (Econ.). Vuorineuvos 
(Finnish honorary title).
Position
Chair of Stora Enso’s Board of Directors 
since March 2023. Member since March 
2022. Chair of the People and Culture 
Committee since March 2023. Member 
since March 2022. 
Board memberships
Chair of the Board of Outokumpu Oyj.
Principal work experience
and other information
President and CEO of Metsä Group 
2006–2018. CEO of Metsäliitto 
Cooperative 2004–2017. Various board 
positions and senior executive 
management positions in Nordea Group 
1998–2004, Merita Bank 1995–2000 and 
OKOBANK 1987–1994 as well as other 
key positions in the financial sector. 
Total remuneration 2023, 
EUR1
220,300
Meeting
attendance
12/12
FAC
attendance
PCC
attendance
4/4 ●
SECo
attendance
Shareholding
in Stora Enso2
9,012 R 
shares
Independent
member
Yes
Håkan Buskhe
Born 1963. M.Sc. (Eng.), Licentiate of 
Engineering.
Position
Vice Chair of Stora Enso’s Board of 
Directors since March 2021. Member since 
June 2020. Member of the People and 
Culture Committee since March 2021.
Board memberships
Chair of the Board of Directors of IPCO 
AB. Vice Chair of the Board of AB SKF. 
Member of the Board of Kopparfors 
Skogar AB, The Grand Group, Navigare 
Ventures AB, Qarlbo Energy AB and the 
Swedish Defence University.
Principal work experience
and other information
CEO of FAM AB. CEO and President of 
SAAB AB 2010–2019 and E.ON Nordic 
2008–2010. Executive positions in E.ON 
Sweden 2006–2008, CEO of the logistics 
company Schenker North 2001–2006, as 
well as several positions in Storel AB 
1998–2001, Carlsberg A/S 1994–1998 
and Scansped AB 1988–1994.
Total remuneration 2023, 
EUR1
124,800
Meeting
attendance
12/12
FAC
attendance
PCC
attendance
4/4 ▲
SECo
attendance
Shareholding
in Stora Enso2
12,069 R 
shares
Independent
member
Yes/no³
Elisabeth Fleuriot
Born 1956. M.Sc. (Econ.).
Position
Member of Stora Enso’s Board of 
Directors since April 2013. Member of the 
Financial and Audit Committee since 
March 2019.
Board memberships
Chair of the Board of Foundation Caritas.
Principal work experience
and other information
Senior advisor at Astanor Venture 
Capital. President and CEO of Thai Union 
Europe Africa 2013–2017. Senior Vice 
President, Emerging Markets and 
Regional Vice President, France, 
Benelux, Russia and Turkey, in Kellogg 
Company 2001–2013. General Manager, 
Europe, in Yoplait, Sodiaal Group 1998–
2001. Several management positions in 
Danone Group 1979–1997. 
Total remuneration 2023, 
EUR1
96,900
Meeting
attendance
12/12
FAC
attendance
6/6 ▲
PCC
attendance
SECo
attendance
Shareholding
in Stora Enso2
32,868 R 
shares
Independent
member
Yes
Helena Hedblom
Born 1973. M.Sc. (Material Tech.).
Position
Member of Stora Enso’s Board of 
Directors since March 2021. Member of 
the Sustainability and Ethics Committee 
since March 2021. 
Board memberships
Member of the Board of Wallenberg 
Investments AB .
Principal work experience
and other information
President and CEO of Epiroc since 2020. 
Prior to her current position she was 
Senior Executive Vice President Mining 
and Infrastructure at Epiroc. Various 
General Management and Research and 
development positions in Atlas Copco, 
since 2017 President for Atlas Copco’s 
Mining and Rock Excavation Technique 
business area. 
Total remuneration 2023, 
EUR1
87,800
Meeting
attendance
12/12
FAC
attendance
PCC
attendance
SECo
attendance
4/4 ▲
Shareholding
in Stora Enso2
6,356 R 
shares
Independent
member
Yes
FAC Financial and Audit Committee 
PCC People and Culture Committee 
SECo Sustainability and Ethics Committee
 • Chair ▲ Member 
¹Detailed description of remuneration for Board 
and Committee memberships as decided by 
the AGM in 2023 can be found in the 
Remuneration Report.
²Shares held by Board members and related 
parties.
³Håkan Buskhe is independent of the company 
but not of its significant shareholders due to his 
position as the CEO of FAM AB.
⁴Meetings attended out of the meetings held 
after election as Board member.
⁵Meetings attended out of the meetings held 
after election as FAC member.
The independence is evaluated in accordance 
with Recommendation 10 of the Finnish 
Corporate Governance Code 2020. The full 
recommendation can be found at cgfinland.fi. 
A significant shareholder according to 
the recommendation is a shareholder that holds 
at least 10% of all company shares or the votes 
carried by all the shares or a shareholder that 
has the right or the obligation to purchase 
the corresponding number of already 
issued shares.
93Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 94 =====

Astrid Hermann
Born 1973. B.Sc. (Business and MBA). 
Position
Member of Stora Enso’s Board of 
Directors since March 2023. Member of 
the Financial and Audit Committee since 
March 2023.
Board memberships
—
Principal work experience
and other information
CFO of Beiersdorf AG since 2021. Prior 
to that several managerial finance roles 
at Colgate-Palmolive 2004–2020 and at 
The Clorox Company 1997–2004. 
Total remuneration 2023, 
EUR1
96,900
Meeting
attendance
9/10⁴
FAC
attendance
4/5⁵ ▲
PCC
attendance
SECo
attendance
Shareholding
in Stora Enso2
2,839 R 
shares
Independent
member
Yes
Christiane Kuehne
Born 1955. LL.M., B.B.A.
Position
Member of Stora Enso’s Board of 
Directors since April 2017. Chair of the 
Sustainability and Ethics Committee 
since March 2019. 
Board memberships
Member of the Board of James Finlays 
Ltd, Wetter Foundation and Foundation 
Pierre du Bois.
Principal work experience
and other information
Operative roles within the Nestlé Group 
1977–2015. Her last operative role at 
Nestlé was as Senior Vice President 
Strategic Business Unit Food with 
strategic responsibility for the food 
business of Nestlé at global level.
Total remuneration 2023, 
EUR1
92,300
Meeting
attendance
12/12
FAC
attendance
PCC
attendance
SECo
attendance
4/4 ● 
Shareholding
in Stora Enso2
17,429 R 
shares
Independent
member
Yes
Antti Mäkinen
Born 1961. LL.M. 
Position
Member of Stora Enso's Board of 
Directors since March 2018 (Chair March 
2021–March 2023). Member of the 
People and Culture Committee since 
March 2019 (Chair March 2021–March 
2023).
Board memberships
Chair of the Board of Sampo Oyj. Member 
of the Board of Rake Oy.
Principal work experience
and other information
CEO of Solidium Oy 2017–2022. Several 
leading management positions within 
Nordea Corporate & Investment Banking, 
most notably as Head of Corporate 
Finance in Finland, Head of Strategic 
Coverage unit and as Co-Head for 
Corporate & Investment Banking, Finland 
2010–2017. CEO of eQ Corporation and its 
main subsidiary eQ Bank Ltd. 2005–2009.
Total remuneration 2023, 
EUR1
87,800
Meeting
attendance
12/12
FAC
attendance
PCC
attendance
3/4 ▲ 
SECo
attendance
Shareholding
in Stora Enso2
19,415 R 
shares
Independent
member
Yes
Richard Nilsson
Born 1970. B.Sc. (BA and Econ.).
Position
Member of Stora Enso’s Board of 
Directors since April 2014. Chair of the 
Financial and Audit Committee since April 
2016 and member since April 2015.
Board memberships
Member of the Board of IPCO AB and 
group companies, Cinder Invest AB, AB 
SKF and Tbox Sweden AB. Member of 
the supervisory Board of GROPYUS AG.
Principal work experience
and other information
Investment Director at FAM AB since 
2022. Investment Manager at FAM AB 
2008–2022. Pulp & paper research 
analyst at SEB Enskilda 2000–2008, 
Alfred Berg 1995–2000 and 
Handelsbanken 1994–1995.
Total remuneration 2023, 
EUR1
103,600
Meeting
attendance
12/12
FAC
attendance
6/6 ● 
PCC
attendance
SECo
attendance
Shareholding
in Stora Enso2
29 971 R shares 
directly, 127 A 
shares and 236 R 
shares through 
related persons 
(spouse)
Independent
member
Yes/no³
FAC Financial and Audit Committee 
PCC People and Culture Committee 
SECo Sustainability and Ethics Committee
 • Chair ▲ Member 
¹Detailed description of remuneration for Board 
and Committee memberships as decided by 
the AGM in 2023 can be found in the 
Remuneration Report.
²Shares held by Board members and related 
parties.
³Richard Nilsson is independent of the 
company but not of its significant shareholders 
due to his employment at FAM AB.
⁴Meetings attended out of the meetings held 
after election as Board member.
⁵Meetings attended out of the meetings held 
after election as FAC member.
The independence is evaluated in accordance 
with Recommendation 10 of the Finnish 
Corporate Governance Code 2020. The full 
recommendation can be found at cgfinland.fi. 
A significant shareholder according to 
the recommendation is a shareholder that holds 
at least 10% of all company shares or the votes 
carried by all the shares or a shareholder that 
has the right or the obligation to purchase 
the corresponding number of already 
issued shares.
Hock Goh was Member of Stora Enso’s Board 
of Directors since April 2012 until his 
resignation on 16 March 2023. Goh has 
participated in all Board and relevant 
Committee meetings held during 2023 prior to 
his resignation. He was independent of the 
company and the significant shareholders.
Hans Sohlström was Member of Stora Enso’s 
Board of Directors since March 2021 until his 
resignation on 18 September 2023. Sohlström 
has participated in all Board and relevant 
Committee meetings held during 2023 prior to 
his resignation. He was independent of the 
company and the significant shareholders.
94Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 95 =====

Members of the Group Leadership Team as at 31 December 2023
Hans Sohlström
Born 1964. M.Sc. (Tech.), M.Sc. 
(Econ.)
Position
President and Chief Executive 
Officer (CEO). Member of the 
GLT since 18 September 2023. 
Joined the company 18 
September 2023. 
Board memberships, principal 
work experience and other 
information
President and CEO of Ahlstrom 
Oyj 2018–2022. President and 
CEO of Ahlström Capital 2016–
2018 and of Rettig Group Oy 
2012–2016. Member of UPM-
Kymmene Corporation’s Group 
Executive Team since 2004, 
responsible for Marketing 2004–
2007, New Businesses and 
Biofuels 2007–2008, and 
Corporate Relations and 
Development 2008–2012. In 
1990–2004 several managerial 
positions at UPM leading profit 
units, mills and sales.
Member of the Board of Stora 
Enso Oyj 2021–2023. Member 
of the Board of Uponor Oyj. 
Member of the Advisory Council 
in Nordea Bank Finland and a 
member of the Business Council 
of International Chamber of 
Commerce Finland.
Shareholding in Stora Enso
100,620 R shares directly, 179 R 
shares through related persons 
(spouse)
Seppo Parvi
Born 1964. M.Sc. (Econ.).
Position
Chief Financial Officer (CFO), 
Deputy CEO, Country Manager 
Finland. Member of the GLT 
since 2014. Joined the company 
in 2014.
Board memberships, principal 
work experience and other 
information
CFO and EVP, Food and 
Medical Business Area at 
Ahlstrom Corporation 2009–
2014. CFO for Metsä Board (M-
real) 2006–2009. Prior to that 
various line management 
positions at Huhtamäki, including 
responsibilities such as paper 
manufacturing within Rigid 
Packaging Europe and General 
Manager for Turkey. Chair of the 
Board of the Finnish Forest 
Industries Federation. Deputy 
Chair of the Board of Pohjolan 
Voima Oy. Member of the Board 
of Ilmarinen, East Office of 
Finnish Industries Oy and 
Teollisuuden Voima Oyj. 
Shareholding in Stora Enso
63,162 R shares
Tobias Bäärnman
Born 1977. M.Sc. (Econ.).
Position
Chief Strategy and Innovation 
Officer. Acting Head of 
Sustainability 1 January–1 
February 2024. Executive Vice 
President, Strategy and 
Sustainability as of 1 February 
2024. Member of the GLT since 
2020. Joined the company in 
2017.
Board memberships, principal 
work experience and other 
information
SVP Controlling, Strategy and IT 
for Consumer Board division 
2017–2019. Prior to that Finance 
Director at Iggesund Paperboard 
and various positions at Statoil 
and Procter and Gamble.
Shareholding in Stora Enso
4,196 R shares
Johanna Hagelberg
Born 1972. M.Sc. (Industrial 
Eng. & Mgmt) and M.Sc. (Eng. 
and Mgmt of Manufacturing 
Systems).
Position
Executive Vice President, 
Biomaterials Division. Member of 
the GLT since 2014. Joined the 
company in 2013.
Board memberships, principal 
work experience and other 
information
EVP, Sourcing and Logistics 
2014–2021. SVP Sourcing, 
Stora Enso Printing and Living 
2013–2014. Chief Procurement 
Officer at Vattenfall AB 2010–
2013. Prior to that leading 
Sourcing positions at NCC, RSA 
Scandinavia and within the 
Automotive Industry for Scania, 
Saab and General Motors. 
Member of the Board of Höegh 
Autoliners AS, Montes del Plata 
and Veracel.
Shareholding in Stora Enso
35,645 R shares
Hannu Kasurinen
Born 1963. M.Sc. (Econ.).
Position
Executive Vice President, 
Packaging Materials Division. 
Member of the GLT since 2019. 
Joined the company in 1993.
Board memberships, principal 
work experience and other 
information
Several leadership positions in 
Stora Enso, including EVP and 
SVP, Liquid Packaging and 
Carton Board in Consumer 
Board Division, Group Treasurer, 
SVP of Strategy and EVP of 
Wood Products Division.
Shareholding in Stora Enso
52,736 R shares
Katariina Kravi
Born 1967. LL.M., Trained on the 
Bench.
Position
Executive Vice President, 
People and Culture. Acting Head 
of Brand and Communications 4 
May 2023–1 February 2024. 
Executive Vice President, 
People and Communication as 
of 1 February 2024. Member of 
the GLT since 2020. Joined the 
company in 2020.
Board memberships, principal 
work experience and other 
information
EVP, HR and Chief People and 
Culture Officer at Tieto Oyj 
2012–2020. Prior to that several 
HR management positions at 
Nokia. Vice Chair of the Board of 
Elisa Oyj. Member of the 
supervisory board of Varma 
Mutual Pension Insurance 
Company.
Shareholding in Stora Enso
10,383 R shares
95Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 96 =====

Per Lyrvall
Born 1959. LL.M.
Position
Executive Vice President, Forest 
Division. Country Manager 
Sweden since 2013. Member of 
the GLT since 2012. Joined the 
company in 1994. 
Board memberships, principal 
work experience and other 
information
EVP, Legal, General Counsel 
2008–2022. Legal Counsel 
1994–2008. Prior to joining Stora 
Enso legal positions at Swedish 
courts, law firms and Assi 
Domän. Member of the Board of 
Antidoping Sverige AB and the 
Swedish Forest Industry 
Association (Skogsindustrierna).
Shareholding in Stora Enso
82,886 R shares directly, 1,257 
R shares through related 
persons (spouse)
Ad Smit
Born 1963. HEAO CE.
Position
Executive Vice President, 
Packaging Solutions Division. 
Member of the GLT since 1 
December 2023. Joined the 
company in 2023.
Board memberships, principal 
work experience and other 
information
Head of Business Unit Western 
Europe within Stora Enso’s 
Packaging Solutions division 
January–November 2023. CEO 
of De Jong Packaging Group 
2012–2023. Prior to that various 
Managing Director positions 
leading packaging divisions and 
units at Smurfit Kappa Group. 
Member of the Supervisory 
Board of Clondalkin Group and 
Noteboom Textiles.
Shareholding in Stora Enso
0
Annette Stube
Born 1967. Master’s degree in 
psychology.
Position
Executive Vice President, 
Sustainability until 31 December 
2023. Member of the GLT since 
2020. Joined the company in 
2020.
Board memberships, principal 
work experience and other 
information
Head of Sustainability in A.P. 
Moller-Maersk 2008–2020. Prior 
to that Director of Sustainability 
programmes in Novo Nordisk.
Shareholding in Stora Enso
9,054 R shares
Micaela Thorström
Born 1976. LL.M.
Position
Executive Vice President, Legal 
and General Counsel as of April 
2023. Member of the GLT since 
April 2023. Joined the Company 
in 2015.
Board memberships, principal 
work experience and other 
information
VP Group Legal 2022–2023. 
Legal Counsel 2015–2022. Prior 
to joining Stora Enso several 
senior-level positions at Finnish 
companies and law firms such 
as PricewaterhouseCoopers, 
Hannes Snellman, Lindholm 
Wallgren Attorneys and 
Roschier.
Shareholding in Stora Enso
0
Lars Völkel
Born 1975. M.Sc. (BA).
Position
Executive Vice President, Wood 
Products Division. Member of 
the GLT since 2020. Joined the 
company in 2020.
Board memberships, principal 
work experience and other 
information
CEO of Ambibox GmbH 2018–
2020. CEO of Franke Kitchen 
Systems 2014–2017. EVP 
Luxury retail & CEO of 
Poggenpohl at Nobia 2011–
2014. Has held various 
managerial positions at 
Electrolux incl. VP Western 
Europe.
Shareholding in Stora Enso
16,477 R shares
Minna Björkman, EVP, Sourcing 
and Logistics was a member of GLT 
until 31 October 2023. 
Representation of Sourcing and 
Logistics has been removed from the 
Group Leadership Team.
Annica Bresky, President and CEO, 
was a member of GLT until 
18 September 2023.
David Ekberg, EVP, Packaging 
Solutions, was a member of GLT until 
30 November 2023.
René Hansen, EVP, Head of Brand 
and Communications, was a member 
of GLT until 4 May 2023. 
Christian Swartling, acting General 
Counsel until 31 March 2023, was 
not a member of GLT.
96Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 97 =====

Appendix 1 
Due to differences between Swedish and Finnish legislation, governance code rules and 
corporate governance practices Stora Enso’s Corporate Governance deviates in the following 
aspects from the Swedish Corporate Governance Code: 
Rule 1.4 The company’s nomination committee is to propose a chair for the annual general 
meeting. The proposal is to be presented in the notice of the meeting. 
• According to Finnish annual general meeting (AGM) practice, the Chair of the Board of 
Directors opens the meeting and proposes the chair for the AGM. The proposed chair is 
normally an attorney-at-law. 
Rule 2.1 The nomination committee is also to make proposals on the election and remuneration 
of the statutory auditor. 
• According to the Finnish Code, the Financial and Audit Committee shall make 
a recommendation on the auditor election for the Board, which shall give its proposal on 
the matter to the AGM.
97Stora Enso 2023: Governance
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationSustainability reporting Governance
Corporate Governance  
in Stora Enso 2023 82
Shareholders’ meetings  82
Board of Directors (Board) 84
Board committees 88
Management of the Company 89
Internal control and risk management  
related to financial reporting 92
Members of the Board of Directors 93
Members of the Group  
Leadership Team 95
Appendix 1 97

===== SIDA 98 =====

Remuneration
Letter from the People and  
Culture Committee Chair 99
Introduction 100
Decision-making procedure  100
Remuneration policy summary  101
Remuneration development  102
Annual report on remuneration 2023 103
AppendixFinancialsRemunerationGovernanceSustainability reportingShareholdersOur peopleOur strategyThis is Stora EnsoOur year 2023

===== SIDA 99 =====

Remuneration 
Letter from the People and Culture Committee Chair
Dear Shareholders,
I am pleased to present the 2023 Remuneration Report on behalf of the Board of Directors. This 
report outlines the key principles governing remuneration for the Board of Directors, President 
and CEO, Deputy CEO, and the decision-making process for remuneration. It also provides 
details on the implementation of the remuneration in 2023. This Remuneration Report has been 
prepared in line with the Finnish Corporate Governance Code 2020. 
Our goal at Stora Enso is to offer remuneration that motivates, encourages, attracts, and 
retains top-tier employees. We carefully align remuneration elements with the Company's 
strategy and long-term financial interests. The role of the People and Culture Committee is to 
ensure that remuneration supports our strategic priorities, with a focus on pay-for-performance 
as a core element of our remuneration principles.
Throughout 2023, we were heavily impacted by a challenging macroeconomic environment, 
weak global growth, and high inflation. We fell behind the performance targets set for the short-
term incentive (STI) plan 2023, resulting in STI earnings below the target level. The 2021 
Performance Share Plan, vested at the end of 2023, achieved an outcome of 89% of the 
maximum opportunity. As performance measures for the plan expand over three years, the 
record-breaking financial performance in 2021 and 2022 impacted the total outcome of the long-
term incentive plan positively. Detailed information on the vesting outcome for the share 
programmes is available in the section 'Long-Term Incentive (LTI) programmes for the CEO and 
Deputy CEO'.
In 2022, an independent third party conducted a pay equity study encompassing all office 
workers at Stora Enso. The study aimed to identify any unexplained gender pay gaps. While the 
majority of the pay praxis was found to be equal, certain unexplained pay gaps were identified. 
Actions to address these gaps were implemented in 2023, and we will monitor pay equity on a 
continued basis. 
In September 2023, Hans Sohlström was appointed as President and CEO, succeeding 
Annica Bresky, who stepped down from the position. In accordance with the conditions outlined 
in the Remuneration Policy 2022, the appointment of a new CEO allows for exemptions from the 
Policy. The Board has decided to exercise this right in the context of nominating the new CEO to 
ensure full focus on profit turnaround, cash flow improvements, and enhanced competitiveness.  
The exemption is related to the performance periods for the CEO's STI and LTI plans, which 
differ from those applied to the rest of the Group. The remuneration details of the CEO and 
President are disclosed in this report as well as on the Company's website.
Remuneration for the Board of Directors, former CEO, and Deputy CEO in 2023 adhered to 
the approved Remuneration Policy. 
Looking ahead to 2024
Sustainability continues to be one of our core focus areas, and since 2022, ESG measures have 
been part of the Company's incentive plans. Our good progress on sustainability and diversity 
and inclusion has also been recognised externally. The LTI 2024 plan will continue to include 
performance measures related to the reduction of CO2 emissions and diversity, specifically in 
achieving gender balance among all managers. These objectives will be pursued alongside 
measures dedicated to the creation of shareholder value. 
The People and Culture Committee will continue to monitor our Remuneration Policy’s 
effectiveness and appropriateness for Stora Enso's business. By the date of this report, no 
clawback provisions have been used. We will ensure that the Policy continues to support the 
Group’s strategy. In addition, when setting executive remuneration, we will carefully review the 
views of our shareholders and other stakeholders.
Kari Jordan
Chair of the People and Culture Committee
99Stora Enso 2023: Remuneration
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
Letter from the People and  
Culture Committee Chair 99
Introduction 100
Decision-making procedure  100
Remuneration policy summary  101
Remuneration development  102
Annual report on remuneration 2023 103

===== SIDA 100 =====

Introduction
This report has been prepared in accordance with the Finnish Corporate Governance Code 2020, available at cgfinland.fi, and the requirements set forth in the Finnish 
Decree of the Ministry of Finance on the remuneration policy and remuneration report (608/2019), as well as other applicable regulations. Stora Enso also complies with 
the Swedish Corporate Governance Code ('Swedish Code'), with the exception of the deviations listed in Appendix 1 of the Corporate Governance Report. The deviations 
are due to differences between the Swedish and Finnish legislation, governance code rules, and practices, and in these cases Stora Enso follows the practice in its 
domicile. The Swedish Code is issued by the Swedish Corporate Governance Board, available at corporategovernanceboard.se
. Information on the Group Leadership 
Team's remuneration is available in the Financial Report 2023.
Decision-making procedure
The shareholders at the Annual General Meeting (AGM) decide annually on the remuneration 
of the Board members (including the remuneration of the members of Board committees). 
The proposals for the AGM concerning the remuneration for the Chair, Vice Chair, and members 
of the Board, as well as the remuneration for the Chair and members of the committees of 
the Board, are prepared by the Company’s Shareholders’ Nomination Board. This Board is 
composed of representatives of the main shareholders of the Company as well as Board 
member representatives, and is described in more detail in the Corporate Governance Report. 
The Board representatives of the Shareholders’ Nomination Board do not participate in 
the decision-making process related to the Board or the Board Committee remuneration. 
The Board appoints the CEO and approves his/her remuneration as well as the remuneration 
of other Group Leadership Team (GLT) members. The Board’s People and Culture Committee 
prepares remuneration related matters and proposals for the Board and is further responsible for 
ensuring that management remuneration principles are aligned with the Company’s objectives 
and shareholder interest.
100Stora Enso 2023: Remuneration
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Letter from the People and  
Culture Committee Chair 9
9
Introduction
100
Decision-making procedure  1
00
Remuneration policy summary  1
01
Remuneration development  1
02
Annual report on remuneration 2023 1
03

===== SIDA 101 =====

Remuneration Policy summary 
The Remuneration Policy was updated in 2022, and the summary below describes Stora Enso’s 
main principles and the decision-making process of remuneration for the members of the Board, 
President and CEO, and Deputy CEO, as well as the remuneration elements. For the full 
Remuneration Policy, see storaenso.com.
Board remuneration
The remuneration of the members of the Board may depend on their respective roles as Chair, 
Vice Chair, and members of the Board or its committees. Board remuneration can be paid in 
cash, or in cash and shares, as further decided by the AGM.
Remuneration to the President and CEO and Deputy CEO
The total remuneration to the CEO and Deputy CEO may consist of:
• annual base salary (ABS)
• variable pay components as short-term incentives (cash when applicable)
• long term incentives (shares when applicable), and 
• benefits (pension, medical and health benefits)
The purpose, operation, opportunity, and link to performance of each remuneration element is 
described below.
Annual Base Salary – ABS (Fixed pay)
The purpose of the base salary is to attract and retain top-tier talent to deliver on the Group's 
strategic priorities. There is no maximum salary limit. The CEO and Deputy CEO salary increases 
take into consideration average salary increases for appropriate parts of the wider workforce. 
Increases may be larger or applied more often at the discretion of the Board under certain 
circumstances, such as, but not limited to, the general development of business, financial 
performance, operational performance, or when required considering market practice.
Short Term Incentives – STI (Variable pay)
The purpose of the STI programme is to drive alignment against set objectives and to create 
engagement by setting clear measurable yearly targets that will have a direct impact on the 
Company performance. The Remuneration Policy defines the maximum limit for STI earnings which 
may range from 50% to 100% of the annual salary. The Board may annually decide on STI 
opportunities applied to the CEO and Deputy CEO.
The STI programme is based partly on financial metrics and partly on measurable non-financial 
operational metrics that are set at the beginning of each year and measured for one year. 
Long Term Incentives – LTI (Variable pay)
The purpose of the LTI is to incentivise and align management with shareholder interests and 
the long term strategy of the Company, including the Company's sustainability approach. This is 
done through setting measurable, long term financial and strategic or ESG-related targets as well as 
by encouraging personal share ownership.
LTI consists of a Performance Share award in Stora Enso shares. LTI maximum opportunity is 
reviewed annually to ensure market competitiveness and link to strategy. The Board may decide on 
a maximum LTI opportunity from 70% to 120% of the ABS for the CEO and Deputy CEO.
The shares will vest dependent based on at least three-year financial performance criteria 
proposed by the People and Culture Committee and decided by the Board. 
Long Term Benefits – LTB
The purpose is to stay competitive and aligned to market practice, giving the CEO and Deputy CEO 
the confidence of a solid insurance coverage during their term of office and the opportunity to retire 
at the normal retirement age.
In Finland, the contributions on top of the statutory pension shall be limited to 23.5% of 
pensionable salary, while in Sweden the total pension contributions shall be limited to 30% of 
pensionable salary. Pensionable salary consists of fixed salary and paid STI. The retirement age is 
65 years.
Exemptions
The Board may decide to temporarily deviate from the Remuneration Policy, in whole or in part, in 
situations where it is in the long term interest of the Company. Such a situation can take place, for 
example, in connection with the appointment of a new CEO or Deputy CEO. Changes may apply to 
all payment elements, contract provisions, as well as incentive plan structures and mechanisms, 
their timelines, metrics, and opportunities. 
101Stora Enso 2023: Remuneration
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
Letter from the People and  
Culture Committee Chair 99
Introduction 100
Decision-making procedure  100
Remuneration policy summary  101
Remuneration development  102
Annual report on remuneration 2023 103

===== SIDA 102 =====

Remuneration development and Company performance 
Stora Enso aims to create a clear link between Company performance and variable pay. This is 
achieved by utilising key performance indicators and ensuring that targets are set at levels that 
support the achievement of Company's strategy and financial targets. The main financial 
indicators at Stora Enso are operational EBITDA and sales, reported also as part of 
the Company’s quarterly and annual reviews. 
The remuneration of the Board of Directors is decided by the Annual General Meeting (AGM) 
based on the proposal of the Shareholders’ Nomination Board. The Board of Director’s 
remuneration for the period of 2023–2024 was approved by the 2023 AGM, and the remuneration 
consists of a fixed annual fee based on the role in the Board (for example, Chair or Committee 
Member) and additional compensation for participation in Board and Committee meetings. 
The compensation of the President and CEO is decided by the Board based on the evaluation 
and proposal by the Board’s People and Culture Committee, and the Company’s Remuneration 
Policy. The short-term incentive payments made in 2023 to the President and CEO were based 
on 2022 performance. The total compensation of the President and CEO generally includes base 
salary, benefits, pension, and short- and long-term incentives paid during the evaluation period.
The table 'Five-year development of paid remuneration and Company performance' shows 
the CEO, Deputy CEO, Board, and average employee remuneration as well as Company 
performance development since 2019 and up until 2023. Strong performance in 2021 and 2022 
is respectively reflected in the higher remuneration in 2022 and 2023. 
Five-year development of paid remuneration and Company performance
Paid remuneration, EUR thousand (before taxes) 2023 2022 2021 2020 2019
President and CEO1, 2  3,293 2,110 1,731 1,670 2,584
Deputy CEO2  1,468 944 872 851 885
Board member average3  111 108 104 106 101
Employee average4  46 46 44 40 39
Company performance, EUR million (unless otherwise stated)
Operational EBIT, EUR million  342 1,891 1,528 650 1,003
Sales, EUR million  9,396 11,680 10,164 8,553 10,055
Basic earnings per share (EPS), EUR  -0.45 1.97 1.61 0.79 1.12
3-year total shareholder return rate (TSR), %5  -11%  9%  74%  30%  41% 
1 The amounts relate to the current President and CEO as of 18 September 2023. Remuneration prior to that date relate to previous position holders.
2 Remuneration depends on a fixed part, such as base salary, pension and other benefits, but also to a large extent on variable pay parts that may result in higher or lower total remuneration year-to-year.
3 Total Board member fees divided by number of Board members. 
4 The total wages and salaries paid to Stora Enso employees divided by the average number of employees.
5 3-year absolute total shareholder return (cumulative) with dividends reinvested. 
102Stora Enso 2023: Remuneration
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
Letter from the People and  
Culture Committee Chair 99
Introduction 100
Decision-making procedure  100
Remuneration policy summary  101
Remuneration development  102
Annual report on remuneration 2023 103

===== SIDA 103 =====

Annual report on remuneration 2023 
Remuneration presented in this report is either earned and paid during 2023, or earned in 2023 
and due to be paid in 2024. 
During 2023, there has been no recovery of paid or reduction of outstanding awards in 
respect of the President and CEO or Deputy CEO. In connection with the appointment of 
the new CEO, the Board has deviated from the current Remuneration Policy. The exemption is 
related to the performance periods for the CEO's STI and LTI plans, which differ from the 
performance periods applied to the rest of the Group. Exemptions, such as the appointment of 
the CEO, have been duly listed as possible deviations from the Policy. 
Board remuneration in 2023 
The AGM in 2023 resolved that the members of the Board of Directors will be paid as follows:
Board remuneration summary
EUR thousand (before taxes) 2023 2022
Chair  209  203 
Vice Chair  118  115 
Board member  81  79 
Pursuant to the decision by the Annual General Meeting 2023, the annual remuneration for 
the members of the Board has been paid in Company shares and cash so that 40% was paid in 
Stora Enso R shares purchased on the Board members' behalf on the market, at a price 
determined in public trading, and the rest in cash. The shares were purchased within two weeks 
of the AGM 2023. The Company has paid all costs and transfer tax related to the purchase of 
the Company shares. The Company has no formal policy requirements for the Board members 
to retain shares received as remuneration. 
In addition, the AGM decided that the following annual remuneration be paid to the members of 
the Board Committees:
• for the Chair of the Financial and Audit Committee EUR 22,600, and 
• for the members of the Financial and Audit Committee EUR 15,900 each, 
• for the Chair of the People and Culture Committee EUR 11,300, and 
• for the members of the People and Culture Committee EUR 6,800 each, 
• for the Chair of the Sustainability and Ethics Committee EUR 11,300, and 
• for the members of the Sustainability and Ethics Committee EUR 6,800 each.
Board Remuneration and Committee Memberships
2023 2022
EUR thousand (before taxes) Committee memberships Cash Shares Total Total
Board members at 31 December 2023
Kari Jordan, Chair People and Culture, Nomination2 135 85 220  86 
Håkan Buskhe, Vice Chair People and Culture, Nomination2 77 48 125  122 
Elisabeth Fleuriot Financial and Audit 64 33 97  94 
Helena Hedblom Sustainability and Ethics 55 33 88  86 
Astrid Hermann (member since March 2023) Financial and Audit 64 33 97 -
Christiane Kuehne Sustainability and Ethics 60 33 93  90 
Antti Mäkinen People and Culture 55 33 88  214 
Richard Nilsson Financial and Audit 71 33 104  101 
Former Board members
Hock Goh (until 16 March 2023) Financial and Audit - - -  94 
Hans Sohlström (until 18 Sept 2023) Sustainability and Ethics 55 33 88  86 
Total remuneration as Directors1, 3 636 364  1,000  972 
1 40% of the Board remuneration in 2023, excluding Committee remuneration, was paid in Stora Enso R shares purchased from the market and distributed as follows: to Chair 7,326 R shares, Vice Chair 4,136 
R shares, and members 2,839 R shares each. The Company has no formal policy requirements for the Board members to retain shares received as remuneration.
2 Stora Enso’s Shareholders’ Nomination Board has been appointed by the AGM in 2016 to exist until otherwise decided. The Shareholders’ Nomination Board according to its Charter as approved by the AGM 
comprises of four members: the Chair and Vice Chair of the Board of Directors, as well as two members appointed by the two largest shareholders (one each) as of 31 August each year. No separate remuneration 
is paid to the members of the Nomination Board.
3 The Company additionally pays the transfer tax for share purchases for each member, in line with AGM decision, which amount is considered also taxable income for each member.
103Stora Enso 2023: Remuneration
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
Letter from the People and  
Culture Committee Chair 99
Introduction 100
Decision-making procedure  100
Remuneration policy summary  101
Remuneration development  102
Annual report on remuneration 2023 103

===== SIDA 104 =====

CEO and Deputy CEO remuneration 
The compensation of the President and CEO and Deputy CEO is decided by the Board based 
on the proposal by the Board’s People and Culture Committee and the Company’s 
Remuneration Policy. The total compensation of the President and CEO generally includes base 
salary, benefits, pension, and short and long term incentives paid during the evaluation period.
In 2023, the short-term incentive earning opportunity has remained unchanged at 50% of 
the annual gross base salary on a target level and 100% on a maximum level. 
The short-term incentive to be paid in 2024 is low, reflecting the challenging business 
environment in 2023. LTI 2021 performance measures expanded over three years, and record-
breaking financial performance during 2021 and 2022 impacted the total outcome positively. 
The new CEO Hans Sohlström started on 18 September 2023, and the Board has carefully 
evaluated his total remuneration. The CEO remuneration is described below and at 
storaenso.com.
CEO and Deputy CEO remuneration
CEO remuneration1 Former CEO remuneration1 Deputy CEO remuneration
EUR (before taxes) Paid in 2023 Paid in 2022 Paid in 2023 Paid in 2022 Paid in 2023 Paid in 2022
Annual base salary 289,613 - 668,516
earned and paid fixed salary
953,127
earned and paid fixed salary 
475,301
earned and paid fixed salary
447,474
earned and paid in fixed salary
Short-term incentives2 - - 845,000
based on 2022 
performance period
648,000 
based on 2021
performance period
300,000
based on 2022  
performance period
191,000
based on 2021 
performance period
Long-term incentives2 - - 987,000
Performance Share Plan 
2020–2022 outcome 100%
0 
Performance Share Plan 
2019–2021 outcome 0%
333,000 
Performance Share Plan 
2020–2022 outcome 100%
0
Performance Share Plan 
2019–2021 outcome 0%
Other benefits Mobile phone included in the 
annual base salary
- 26,000
Holiday pay, mobile phone, 
car and insurance
32,000
Holiday pay, mobile phone, car, 
and insurance
38,000
Holiday pay, mobile phone, 
car and insurance
36,000
Holiday pay, mobile phone, car, 
and insurance
Pension 48,000
Retirement age and pension 
contributions as per Finnish 
pension legislation.
- 428,000
Defined contribution pension 
plan with 30% contributions 
of pensionable salary.
Retirement age 65
477,000
Defined contribution pension 
plan with 30% contributions 
of pensionable salary.
Retirement age 65
322,000
Finnish pension and 
supplementary defined 
contribution pension plan 
with 23.5% contributions of 
pensionable salary.
Retirement age 65
270,000
Finnish pension legislation and 
supplementary defined 
contribution pension plan with 
23.5% contributions of 
pensionable salary.
Retirement age 65
Total earned remuneration (paid) 338,000 - 2,955,0003 2,110,000 1,468,000 944,000
Earned proportion of fixed to variable 
remuneration (paid)
Fixed compensation 100% - Fixed compensation 38% 
Variable compensation 62% 
Fixed compensation 69%
Variable compensation 31%
Fixed compensation 57%
Variable compensation 43%
Fixed compensation 80%
Variable compensation 20%
Termination of assignment Notice period of six months with severance payment of twelve months salary on termination by the Company, but with no contractual payments on any change of control.
Severance payment - - 933,000, payable in 2024 - - -
1 Annica Bresky until 18 September 2023 and Hans Sohlström as of 18 September 2023.
2 Amounts are reported according to payment year and relate to the performance in the previous year(s). 
3 Paid from Stora Enso AB and Stora Enso Oyj according to actual days worked in Sweden and Finland.
104Stora Enso 2023: Remuneration
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
Letter from the People and  
Culture Committee Chair 99
Introduction 100
Decision-making procedure  100
Remuneration policy summary  101
Remuneration development  102
Annual report on remuneration 2023 103

===== SIDA 105 =====

Short Term Incentive (STI) programme for the CEO and Deputy CEO
The CEO and Deputy CEO are entitled to an STI programme decided by the Board each year.
STI performance period 2022 (paid in 2023)
The STI payment made in 2023 was based on performance and targets related to 2022. 
The targets were set for the full year, and the Board defined the maximum STI earning for 2022 
to be 100% of the fixed annual salary for the CEO and 80% for the Deputy CEO. The Board 
evaluated the performance against the targets set, and the earned payment was paid in April 
2023 according to Company practices.
Description of criteria Weighting Performance (0–100%) STI payout
Former CEO Sales growth, EBITDA 70%
88% EUR 845,000
Fixed costs, CO2 
reduction, safety 20%
Individual metrics / 
targets 10%
Deputy CEO Sales growth, EBITDA 70%
85% EUR 300,000
Fixed costs, CO2 
reduction, safety 20%
Individual metrics / 
targets 10%
STI performance period 2023 (payable in 2024)
The STI payment to be made in 2024 is based on performance and targets related to 2023. 
The targets were set for the full year, and the Board defined the maximum STI earning for 2023 
to be 100% of the fixed annual salary for the CEO and 80% for the Deputy CEO. The Board 
evaluated performance against the targets set, and the earned payment will be paid in April 2024 
according to Company practices.
Description of criteria Weighting Performance (0–100%) STI payout
Former CEO Sales growth, EBITDA 70%
22% EUR 157,0001Fixed costs, CO2 
reduction, safety 20%
Individual metrics / 
targets 10%
Deputy CEO Sales growth, EBITDA 70%
42% EUR 168,000
Fixed costs, CO2 
reduction, safety 20%
Individual metrics / 
targets 10%
1Prorated to active employment months January–September 2023
As of 18 September 2023 for the next 12 + 12 months, the current CEO is entitled to an STI 
programme with a maximum opportunity of 100% of the annual fixed salary for each 12-month 
period. The Board has decided to use its right to deviate from the Remuneration Policy regarding 
the timing of the CEO's STI plan. The Board will evaluate performance against the targets set, 
and the earned payment for the first twelve months will be paid in the fourth quarter of 2024.
Description of criteria Weighting Performance (0–100%) STI payout
CEO Operational EBIT, 
other financial metrics 90%
n/a n/a
Safety 10%
Long-term Incentive (LTI) for the CEO and Deputy CEO
The Board decides on and implements Stora Enso's long-term incentive plans and the earning 
opportunity for the President and CEO and the Deputy CEO. The purpose of these plans is to 
align the interests of the CEO and shareholders in driving the Company's long-term success. 
The LTI performance metrics currently include measurements related to share price 
development, profitability, and sustainability (ESG). For the Performance Share Plan (PSP) 
2024–2026, Stora Enso continues to include ESG measures in the LTI plan (CO2 and gender 
diversity).
The newly nominated CEO has a separate Performance Share Plan, which is strongly aligned 
with shareholder interests and Company performance. The CEO may earn a maximum of 
169,420 gross shares (target 50% of maximum) based on the achievement performance criteria 
set by the Board. The maximum opportunity represents 100% annual base salary at the time of 
the share grant. The Board has decided to use its right to deviate from the Policy regarding 
the timing of the CEO's LTI plan. The CEO Performance Share Plan outcome will be measured 
at the end of the third quarter in 2025, and the plan has cliff vesting in one instalment. The CEO 
is not eligible to participate in the Performance Share Plan 2024–2026. 
Stora Enso recommends and expects the CEO and other Group Leadership Team members 
to hold Stora Enso shares at a value corresponding to at least one annual base salary. 
Stora Enso shares received as remuneration are therefore recommended not to be sold until this 
level has been reached. The current Group Leadership Team share ownership is available on 
the Company's website.
105Stora Enso 2023: Remuneration
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
Letter from the People and  
Culture Committee Chair 99
Introduction 100
Decision-making procedure  100
Remuneration policy summary  101
Remuneration development  102
Annual report on remuneration 2023 103

===== SIDA 106 =====

Summary of LTI plans and performance
Plan type Plan name Performance period Share delivery year Performance criteria1
Awarded shares 
pcs
Performance 
outcome
Shares paid/earned 
gross pcs2
CEO Performance Share Plan CEO Performance 
Share Plan 
18 September 2023–30 September 2025 2025 Balance sheet, capital 
expenditure, strategy, 
and sustainability
 169,420 - -
Former CEO Performance Share Plan LTI 2020 1 January 2020 to 31 December 2022 2023 EVA, EPS  75,080  100%  75,080 
LTI 2021 1 January 2021 to 31 December 2023 2024 EVA, EPS  57,387  89% 51,0113
LTI 2022 1 January 2022 to 31 December 2024 2025 EPS, Rel. TSR, CO2, Diversity  65,430 - 21,8104
LTI 2023 1 January 2023 to 31 December 2025 2026 EPS, Rel. TSR, CO2, Diversity  82,520 - -
Deputy CEO Performance Share Plan LTI 2020 1 January 2020 to 31 December 2022 2023 EVA, EPS  25,340  100%  25,340 
LTI 2021 1 January 2021 to 31 December 2023 2024 EVA, EPS  18,514  89% 16,4573
LTI 2022 1 January 2022 to 31 December 2024 2025 EPS, Rel. TSR, CO2, Diversity  24,970 - -
LTI 2023 1 January 2023 to 31 December 2025 2026 EPS, Rel. TSR, CO2, Diversity  36,190 - -
LTI 2024 1 January 2024 to 31 December 2026 2027 EPS, TSR, CO2, Diversity  40,260 - -
1 Economic Value Added (EVA), Earnings per Share (EPS), Relative TSR (Rel. TSR), Total Shareholder Return (TSR).
2 The total number of shares actually transferred will be lower because a portion of shares corresponding to the tax obligation will be withheld to cover income tax.
3 The final value of the vested shares will depend on the share price on vesting date of 1 March 2024.
4 As a termination benefit, 21,810 shares will be paid as cash payment in 2024.
106Stora Enso 2023: Remuneration
Our year 2023 This is Stora Enso Our strategy Our people Shareholders Financials AppendixRemunerationGovernanceSustainability reporting
Letter from the People and  
Culture Committee Chair 99
Introduction 100
Decision-making procedure  100
Remuneration policy summary  101
Remuneration development  102
Annual report on remuneration 2023 103

===== SIDA 107 =====

Financials
Financials 
Report of the Board of Directors 109
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206
AppendixOur year 2023 This is Stora Enso Our strategy Our people Shareholders Sustainability reporting Governance Remuneration Financials

===== SIDA 108 =====

Financials
Report of the Board of Directors 109
Introduction 109
Markets and deliveries 109
Results 110
Investments 115
Changes in Group structure 115
Innovation, R&D 115
Non-financial information  115
EU taxonomy  118
Risk management 123
TCFD 127
TNFD 128
Legal proceedings  128
Changes in management 128
Share capital 129
Outlook and sensitivity analysis  130
AGM 130
Dividend 130
Alternative performance measures  132
Consolidated financial statements   135
Consolidated income statement  135
Consolidated statement  
of comprehensive income 135
Consolidated statement of financial position  136
Consolidated cash flow statement 137
Supplemental cash flow information  138
Statement of changes in equity 139
Notes to the consolidated  
financial statements   140
1 Basis for reporting 140
 1.1 Accounting principles  140
 1.2 Critical accounting estimates 
and judgements 142 
2 Financial performance  144
 2.1 Segment information  144
 2.2 Other operating income and expense 147
 2.3 Depreciation, amortisation  
and impairment charges 148
 2.4 Net financial items 149
 2.5 Income taxes 150
 2.6 Earnings per share 151
3 Employee remuneration 152
 3.1 Personnel expenses 152
 3.2 Board and executive remuneration 152
 3.3 Post-employment benefit obligations  155
 3.4 Employee variable compensation  
and equity incentive schemes 157
4 Operating capital 158
 4.1 Intangible assets, property, plant and 
equipment and right-of-use assets 158
 4.2 Forest assets 160
 4.3 Associates  163
 4.4 Equity instruments 164
 4.5 Emission rights and  
other non-current assets 165
 4.6 Inventories 166
 4.7 Operative receivables  166
 4.8 Operative liabilities  167
 4.9 Provisions 167
5 Capital structure and financing 169
 5.1 Financial risk management  169
 5.2 Fair values 173
 5.3 Interest-bearing assets and liabilities 177
 5.4 Derivatives 180
 5.5 Shareholders’ equity  184
 5.6 Cumulative translation  
adjustment and equity hedging  184
 5.7 Non-controlling interests  185
6 Group structure 186
 6.1 Acquisitions, disposals  
and assets held for sale 186
 6.2 Group companies 189
 6.3 Related party transactions 191
7 Other 192
 7.1 Commitments and contingencies  192
 7.2 Events after the reporting period 192
Parent company Stora Enso Oyj  
financial statements   193
Notes to the parent company  
financial statements   195
Signatures for  
the financial statements  205
Auditor’s report  206
 Audited   Limited assurance
In this report: The official audited financial statements 
in Finnish are available on the company website 
storaenso.com/download-cent re
108Stora Enso 2023: Financials
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===== SIDA 109 =====

Report of the Board of Directors
Introduction to Stora Enso
Part of the global bioeconomy, Stora Enso is a business-to-business company and a leading 
provider of renewable products in packaging, biomaterials, and wooden construction, and one of 
the largest private forest owners in the world. Sustainability is integral in Stora Enso’s business 
strategy, it is at the core of what we do. Stora Enso contributes to the transition towards 
a biobased circular economy in three areas where it has the biggest impact and opportunities: 
climate change, biodiversity, and circularity. 
We create value with our low-carbon and recyclable fiber-based products, through which we 
support our customers in meeting the demand for renewable sustainable products.
Stora Enso had 20,822 employees on average during 2023. The Group sales in 2023 were EUR 
9.4  billion, with an operational EBIT of EUR 342 million. Stora Enso shares are listed at the Helsinki 
(STEAV, STERV) and Stockholm (STE A, STE R) stock exchanges. In addition, the shares are traded 
on OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF).
Markets and deliveries
Demand for cartonboard declined during 2023, with some regional exceptions. Market conditions 
took a negative turn as excess inventories from the 2022 boom were destocked in combination 
with weak underlying consumption due to the economic headwinds. Demand, though muted, in 
the Asian region was stronger than in the more mature European and North American markets.
Containerboard demand remained weak in 2023. The economy-wide destocking cycle continued 
longer than anticipated, retail sales remained stagnant and global manufacturing weakness 
burdened the packaging sector. Containerboard demand declined in all regions excluding Asia, 
driven by China and India. In Europe, the demand contracted to pre-pandemic levels. 
The European paper demand continued to decline significantly, driven by structural demand 
erosion and destocking of inventories in the whole value chain. 
The European corrugated market faced challenges partly driven by weak retail demand, 
especially in food, beverage, and E-commerce segments. The weakness of the European 
manufacturing sector continued to drag down corrugated box demand. Overall, the European 
corrugated demand is estimated to have declined by 5% in 2023.
Global demand for chemical market pulp rebounded to 3% in 2023. Demand for hardwood 
pulp grew 5%, whereas softwood pulp demand increased 0.5%. Demand for unbleached kraft 
pulp (UKP) dropped, whereas demand for fluff pulp continued strong. The majority of the growth 
was concentrated in Asia, especially China, where pulp buyers restocked their market pulp 
inventories with low priced pulp. However, the real pulp consumption in downstream markets did 
not necessarily reflect the boost in demand. Demand in North America and Europe was subdued 
due to a slow economy and high inflation. 
The global chemical market pulp capacity increased by 2% in 2023. The hardwood capacity 
increased by 5%, thanks to new capacity ramping up in South America. Due to temporary and 
permanent capacity closures, softwood capacity declined by 1.5% and UKP by 9%. The overall 
shipment-to-capacity balance stood at 91%, 2 percent-points up from 2022.
Global pulp inventories were elevated for the first half of the year but were considered 
balanced towards the end of year. Softwood pulp inventories reached their all-time high reading 
before balancing by the end of the year. Hardwood pulp inventories declined strongly in the 
spring following a demand boost from China.
After the strong markets during 2021–2022, the global sawn wood consumption decreased in 
2023 by 3% according to FEA (Forest Economic Advisors), with above average declines 
experienced in Europe and the USA. Throughout 2023, market supply exceeded demand, which 
added pressure on prices in all markets. High inflation and interest rates caused market 
uncertainties and lowered customer confidence, which resulted in reduced volumes of building 
permits and housing starts. Curtailments of supply started to improve the market balance during 
the second half of 2023, supported by lower inventory levels. 
Estimated consumption of board, pulp, sawn softwood, and paper in 2023 
Tonnes, million Europe North America Asia and 
Oceania
Consumer board 9.1 8.8 32.7
Containerboard 33.9 31.8 94.9
Corrugated board (billion m2)1 10.5 n/a n/a
Chemical market pulp 15.3 7.5 40.2
Sawn softwood (million m3) 82.0 97.0 74.9
Newsprint 2.7 1.1 5.2
Uncoated magazine paper 1.5 0.7 0.1
1 European focus markets (Baltics, Benelux, FI, PL, SE)
Source: Afry, CEPI, Numera, PPPC, Stora Enso, Forest Economic Advisors (FEA)
Production and external deliveries
2023 2022
Change % 
2023–2022
Board deliveries1, 1,000 tonnes 3,927 4,294  -8.6% 
Board production1, 1,000 tonnes 4,185 4,682  -10.6% 
Corrugated packaging European deliveries, million m2 1,167 741  57.5% 
Corrugated packaging European production, million m2 1,094 771  41.9% 
Market pulp deliveries, 1,000 tonnes 2,220 2,374  -6.5% 
Wood products deliveries, 1,000 m3 3,897 4,397  -11.4% 
Wood deliveries, 1,000 m3 13,667 13,304  2.7% 
Paper deliveries, 1,000 tonnes 761 1,924  -60.5% 
Paper production, 1,000 tonnes 752 1,926  -60.9% 
1 Includes consumer board and containerboard volumes.
The Group’s board deliveries totalled 3,927,000 tonnes, which was 368,000 tonnes, or 8.6% 
lower compared to a year ago. Corrugated packaging European deliveries increased by 426 
million m2 or 57.5% to 1,167 million m2 due to acquisition of De Jong Packaging Group. Market 
pulp deliveries decreased by 153,000 tonnes, or 6.5%, to 2,220,000 tonnes. Wood product 
deliveries decreased by 499,000 m3 or 11.4% to 3,897,000 m3. Wood deliveries increased by 
363,000 m3 or 2.7% to 13,667,000 m3. Paper deliveries totalled 761,000 tonnes, down 1,163,000 
tonnes, or 60.5%, from 2022, driven by the structural changes.
Alternative performance measures
The alternative performance measures used by Stora Enso are explained in the chapter 
Alternative performance measures.
Unaudited                           3 109Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Introduction 109
Markets and deliveries 109
Results 110
Investments 115
Changes in Group structure 115
Innovation, R&D 115
Non-financial information  115
EU taxonomy 118
Risk management 123
TCFD 127
TNFD 128
Legal proceedings  128
Changes in management 128
Share capital 129
Outlook and sensitivity analysis  130
AGM 130
Dividend 130
Alternative performance measures  132
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

===== SIDA 110 =====

Financial results – Group
Group sales decreased by 20% year-on-year to EUR 9,396 (11,680) million mainly due to lower 
sales prices and volumes as well as divestments partly offset by acquisition of De Jong 
Packaging Group. Operational EBIT was EUR 342 (1,891) million, and the operational EBIT 
margin was 3.6%. Operational EBIT decreased mainly due to decreased sales prices and 
volumes as well as increased variable costs especially wood costs. Earnings per share 
decreased by 123% to EUR -0.45 (1.97) and earnings per share excluding fair valuations 
decreased by 147% to EUR -0.73 (1.55).
The IFRS operating result includes a positive net effect of EUR 194 (positive 195) million from 
biological asset valuation from subsidiaries and joint operations. The positive impact comes 
mainly from the increase in fair valuation in Stora Enso owned forests in Sweden, mostly driven 
by higher market prices. There is also a positive net effect of EUR 56 (positive 168) million from 
Stora Enso’s share of net financial items, taxes and biological asset valuation of associated 
companies. The positive impact comes mainly from increase in fair valuation in Finnish forests, 
through Stora Enso's 41% investment in Tornator.
Tangible and intangible asset (including goodwill) impairments amounted to EUR 776 
(114) million.
The items affecting comparability (IAC) had a negative impact of EUR 895 (245) million on 
IFRS operating result. The main IACs in 2023 relate to the impairments in Packaging Materials, 
Biomaterials, Wood Products and segment Other, restructurings related to Sunila, De Hoop, 
Anjala and Kvarnsveden sites and Group functions and Packaging Materials division as well as 
disposal of Nymölla, Maxau, Hylte and Wood Products DIY sites and biocomposite business. 
The IACs in 2022 mainly relate to the disposal of Russian operations as well as impairments and 
other costs related to upcoming paper site disposals. Fair valuations and non-operational items 
(FV) had a positive net impact on the IFRS operating result of EUR 231 (363) million. The main 
IAC and FV items are presented in the chapter Alternative Performance Measures.
The IFRS operating result was EUR -322 (2,009) million.
Key figures
2023 2022 2021
Sales, EUR million  9,396  11,680  10,164 
Operational EBIT, EUR million  342  1,891  1,528 
Operational EBIT margin  3.6%  16.2%  15.0% 
Operating result (IFRS), EUR million  -322  2,009  1,568 
Operating result margin (IFRS)  -3.4%  17.2%  15.4% 
Return on equity (ROE)  -3.8%  13.3%  13.0% 
Operational ROCE  2.4%  13.7%  12.5% 
Operational ROCE excl. Forest division  1.0%  20.4%  17.7% 
Net debt/equity ratio  0.29  0.15  0.22 
EPS (basic), EUR  -0.45  1.97  1.61 
EPS excluding FV, EUR  -0.73  1.55  1.19 
Dividend and distribution per share1, EUR  0.10  0.60  0.55 
Payout ratio, excluding FV  -13.7%  38.6%  46.3% 
Payout ratio (IFRS)  -22.1%  30.5%  34.3% 
Dividend and distribution yield, (R share)  0.8%  4.6%  3.4% 
Price/earnings (R share), excluding FV  -17.17  8.46  13.60 
Equity per share, EUR  13.93  15.89  13.55 
Market capitalisation 31 Dec, EUR million  9,864  10,503  12,809 
Closing price 31 Dec, A share, EUR  12.45  13.90  16.60 
Closing price 31 Dec, R share, EUR  12.53  13.15  16.14 
Average price, A share, EUR  12.82  16.58  16.68 
Average price, R share, EUR  11.93  16.12  15.70 
Number of shares 31 Dec (thousands) 788,620 788,620 788,620
Trading volume A shares (thousands) 968 1,174 1,750
% of total number of A shares 0,5 %  0.7%  1.0% 
Trading volume R shares (thousands) 476,654 455,952 422,493
% of total number of R shares 77,8 %  74.5%  69.0% 
Average number of shares, basic (thousands) 788,620 788,620 788,620
Average number of shares, diluted (thousands) 789,714 789,391 789,126
1 It is proposed that the Board would be authorised to decide on an additional dividend payment of a maximum of EUR 0.20.The 
authorisation would be valid until 31 December 2024. See the Board of Directors' proposal for dividend distribution.
Sales and operational EBIT margin
Operational EBIT, % Sales, EUR million
2021 2022 2023
0
3,000
6,000
9,000
12,000
15,000
0%
5%
10%
15%
20%
25%
Net debt to operational EBITDA 
Target <2.0
Net debt to operational EBITDA
Net debt, EUR million
2021 2022 2023
0
1,000
2,000
3,000
4,000
0.0
1.0
2.0
3.0
4.0
Operational ROCE excl. Forest 
Target >13% Operational ROCE, %
2021 2022 2023
0%
5%
10%
15%
20%
25%
Unaudited                           4 110Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Introduction 109
Markets and deliveries 109
Results 110
Investments 115
Changes in Group structure 115
Innovation, R&D 115
Non-financial information  115
EU taxonomy 118
Risk management 123
TCFD 127
TNFD 128
Legal proceedings  128
Changes in management 128
Share capital 129
Outlook and sensitivity analysis  130
AGM 130
Dividend 130
Alternative performance measures  132
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

===== SIDA 111 =====

Net financial expenses at EUR 173 (151) million were EUR 23 million higher than a year ago. 
Net interest expenses, at EUR 113 million, increased by EUR 8 million as a result of higher  
interest rates on borrowings and higher amount of gross debt. Other net financial expenses, at 
EUR 38 million, were EUR 6 million lower, mainly due to the higher write-down of Russia related 
loan receivables and loss allowance included in the comparison period figures. The net foreign 
exchange impact in respect of cash equivalents, interest-bearing assets and liabilities and 
related foreign-currency hedges amounted to a loss of EUR 22 (loss of EUR 1) million, mainly 
due to revaluation of foreign currency net debt in subsidiaries located in China.
The net tax totalled EUR 64 (-322) million, equivalent to an effective tax rate of 13.0% 
(17.3%), as described in more detail in note 2.5 Income taxes.
The loss attributable to non-controlling interests was EUR 74 (loss of EUR 13) million, leaving 
a loss of EUR 357 (gain of EUR 1,550) million attributable to Company shareholders.
Earnings per share excluding fair valuations were EUR -0.73 (1.55). Operational return on 
capital employed was 2.4% (13.7%).
The Group capital employed was EUR 14,056 million on 31 December 2023, an decrease of 
EUR 300 million, mainly due to impairments and change in the fair valuation of energy assets 
(PVO) partly offset by acquisition of De Jong Packaging, investment projects and increase of the 
fair valuation of forest assets. 
Breakdown of capital employed change
EUR million Capital Employed
31 December 2022  14,356 
Capital expenditure excluding investments in biological assets less depreciation  521 
Investments in biological assets less depletion of capitalised silviculture costs  -5 
Impairments and reversal of impairments  -770 
Fair valuation of forest assets  241 
Unlisted securities (mainly PVO)  -627 
Associated companies  94 
Net liabilities in defined benefit plans  -31 
Operative working capital and other interest-free items, net  -344 
Emission rights  -85 
Net tax liabilities  170 
Acquisition of subsidiary companies  818 
Disposal of subsidiary companies  -227 
Translation difference  -60 
Other changes  4 
31 December 2023  14,056 
Financing
Cash flow from operations was EUR 954 (1,873) million and cash flow after investing activities 
was EUR -40 (1,162) million. Working capital decreased by EUR 300 (increased 461) million, 
inventories decreased by EUR 328 million and trade receivables by EUR 389 million. Trade 
payables decreased by EUR 352 million and thus had a negative impact on working capital. 
Payments related to the previously recognised provisions were EUR 53 million.
Operative cash flow
EUR million 2023 2022
Operational EBITDA  989  2,529 
IAC on operational EBITDA  -126  -133 
Other adjustments  -210  -62 
Change in working capital  300  -461 
Cash flow from operations  954  1,873 
Cash spent on fixed and biological assets  -989  -705 
Acquisitions of associated companies  -5  -7 
Cash flow after investing activities  -40  1,162 
As at 31 December 2023, Group net interest-bearing liabilities were EUR 3,167 (1,853) million. 
The increase in net interest-bearing liabilities was mainly driven by the acquisition of the De 
Jong Packaging Group and other significant investments such as the consumer board 
investment at the Oulu site in Finland. Cash and cash equivalents net of bank overdrafts 
increased to EUR 2,464 (1,917) million. The net debt/equity ratio at 31 December 2023 
increased to 0.29 (0.15). The ratio of net debt to the last 12 months' operational EBITDA 
increased to 3.2 (0.7) due to higher net debt and lower operational EBITDA. The average 
interest rate on borrowings for the full year 2023 increased to 3.7% (3.3%) with a run-rate of 
4.0% as per the end of the fourth quarter.
In May 2023, Stora Enso issued two EUR 500 million green bonds with 3- and 6.25-year 
maturities. In November 2023, Stora Enso issued new SEK green bonds with nominal value of 
SEK 6,100 million, equal to EUR proceeds of 524 million at the transaction date FX rate. The 
SEK green bonds feature several tranches with the maturities ranging from 2025 to 2028. Later 
in December 2023 the Company also completed a private placement of SEK 425 million with 
maturity in 2033. This was equal to EUR proceeds of 38 million at the transaction date FX rate. 
In addition, during the year, the Company re-financed altogether EUR 550 million of its 
bilateral loans and committed credit facility, and also drew bilateral loans of EUR 200 million in 
total that were arranged but undrawn at the end of 2022. The existing loans were extended by 
one to two years and new terms also include extension options. The Company also arranged 
a new EUR 100 million bilateral loan with a 1.5-year maturity and a 1-year extension option 
during the second quarter. In the fourth quarter a one-year extension was signed to the revolving 
credit facility of EUR 700 million to extend its maturity to 2028.
Stora Enso had in total EUR 800 million committed undrawn credit facilities as per 31 
December 2023. Additionally, the Company has access to EUR 1,100 million statutory pension 
premium loans in Finland.
The fair valuation of cash flow hedges and equity investments fair valued through other 
comprehensive income decreased equity by EUR 647 (increased by EUR 563) million. 
The decrease is mainly due to a lower fair valuation of the Group’s shareholding in Pohjolan 
Voima Oy (PVO), explained especially by lower electricity price forecasts.
At the end of the year, the ratings for Stora Enso’s rated bonds were as follows:
Rating agency Long/short-term rating Valid from
Fitch Ratings BBB- (stable) 4 August 2023
Moody’s Baa3 (stable) / P-3 17 November 2023
Unaudited                           5 111Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Introduction 109
Markets and deliveries 109
Results 110
Investments 115
Changes in Group structure 115
Innovation, R&D 115
Non-financial information  115
EU taxonomy 118
Risk management 123
TCFD 127
TNFD 128
Legal proceedings  128
Changes in management 128
Share capital 129
Outlook and sensitivity analysis  130
AGM 130
Dividend 130
Alternative performance measures  132
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

===== SIDA 112 =====

Financial results – Segments
Packaging Materials division
The Packaging Materials division is a global leader and expert in circular packaging providing premium 
packaging materials based on virgin and recycled fiber. Stora Enso helps customers replace fossil-based 
materials with low-carbon, renewable and recyclable alternatives for their food, beverage and transport 
packaging with a wide selection of base boards and barrier coatings.
EUR million 2023 2022
Sales  4,557  5,496 
Operational EBITDA  267  993 
Operational EBITDA margin  5.9%  18.1% 
Operational EBIT  -57  655 
Operational EBIT margin  -1.3%  11.9% 
Fair valuations and non-operational items (FV)1  12  7 
Items affecting comparability (IAC)1  -597  -9 
Operating result (IFRS)  -642  653 
Operating capital, average  3,580  3,512 
Operational ROOC  -1.6%  18.6% 
Cash flow from operations  370  823 
Cash flow after investing activities  -235  488 
Board deliveries, 1,000 tonnes  4,963  5,425 
Board production, 1,000 tonnes  4,843  5,502 
1 The IAC for 2023 included impairments of fixed assets of EUR -228 million for the Oulu containerboard unit, EUR -202 million for China 
operations, EUR -12 million for the Anjala site's paper assets, EUR -26 million of goodwill impairments related to the Anjala and De Hoop sites, 
restructuring costs related to De Hoop site closure of EUR -79 million, closing down one paper line at Anjala site of EUR -26 million, restructuring 
program in division management and support functions of EU -12 million and other restructuring costs of EUR -9 million, and other IAC cases of 
-3 million. The IAC for 2022 included EUR -4 million expenses from disposal of Russian operations, EUR -5 million of restructuring expenses and 
EUR -1 million other cases. The fair valuations for 2023 included non-operational fair valuation changes of biological assets of EUR 12 (7) million.
Comparative figures have been restated as described in the release from 29 March 2023.
The Packaging Materials division was hit by unprecedented market conditions and sales 
declined by 17%, to 4,557 (5,496) million. This was driven by lower prices and volumes for 
containerboard and paper, and lower volumes for consumer board. The containerboard market 
remained weak throughout the year, while the consumer board market started to soften during 
Q1 and stabilised at a low level in Q4.
Operational EBIT dropped from all time high level to EUR -57 (655) million, driven by lower 
volumes and prices. Variable costs in many categories declined compared to a year ago, but 
overall remained higher year-on-year driven by increased wood costs.
Packaging Solutions division
The Packaging Solutions division is a packaging converter that provides premium fiber-based packaging 
products and services used by leading brands across multiple market areas, including retail, e-commerce, 
fresh produce, and industrial applications. The division also provides design and sustainability services for 
customers to optimise material use, logistics and to reduce CO2 emissions.
EUR million 2023 2022
Sales  1,077  727 
Operational EBITDA  111  42 
Operational EBITDA margin  10.3%  5.7% 
Operational EBIT  43  16 
Operational EBIT margin  4.0%  2.2% 
Items affecting comparability (IAC)1  -26  -98 
Operating result (IFRS)  17  -81 
Operating capital, average  874  204 
Operational ROOC  4.9%  7.9% 
Cash flow from operations  145  11 
Cash flow after investing activities  62  -14 
Corrugated packaging European deliveries, million m2  1,178  767 
Corrugated packaging European production, million m2  1,094  771 
1 The IAC for 2023 included EUR -19 million restructuring costs in China and EUR -16 million related to the acquisition of De Jong 
Packaging Group, and EUR -1 million other cases. The IAC for 2022 included EUR -93 million related to the disposal of Russian 
operations, EUR -4 million restructuring costs, EUR -2 million fixed asset impairments and EUR -1 million other cases.
Comparative figures have been restated as described in the release from 29 March 2023.
Packaging Solutions division sales were at an all-time high of EUR 1,077 (727) million, up 48%, 
driven by the acquisition of De Jong Packaging Group
Operational EBIT was EUR 43 (16) million. Lower raw material prices had a positive impact 
on the margins. The integration of De Jong Packaging Group proceeded well and contributed 
positively to the result. 
Sales and operational EBIT
Packaging Materials
Operational EBIT, % Sales, EUR million
2021 2022 2023
0
1,000
2,000
3,000
4,000
5,000
6,000
-6%
0%
6%
12%
18%
24%
30%
36%
Operational ROOC
Packaging Materials
Target >20% Operational ROOC, %
2022 2023
0%
10%
20%
30%
40%
50%
Sales and operational EBIT
Packaging Solutions
Operational EBIT, % Sales, EUR million
2021 2022 2023
0
1,000
2,000
3,000
4,000
5,000
0%
7%
14%
21%
28%
35%
Operational ROOC
Packaging Solutions
Target >15% Operational ROOC, %
2022 2023
0%
10%
20%
30%
40%
50%
Unaudited                           6 112Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Introduction 109
Markets and deliveries 109
Results 110
Investments 115
Changes in Group structure 115
Innovation, R&D 115
Non-financial information  115
EU taxonomy 118
Risk management 123
TCFD 127
TNFD 128
Legal proceedings  128
Changes in management 128
Share capital 129
Outlook and sensitivity analysis  130
AGM 130
Dividend 130
Alternative performance measures  132
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

===== SIDA 113 =====

Biomaterials division
The Biomaterials division’s business opportunities are strongly driven by the need to replace fossil-based and 
other non-renewable materials. Stora Enso uses all fractions of a tree to develop new biobased solutions for 
various applications. The division’s long-term growth is driven by new products and innovations, while pulp 
continues to be the foundation. 
EUR million 2023 2022
Sales  1,587  2,180 
Operational EBITDA  256  822 
Operational EBITDA margin  16.1%  37.7% 
Operational EBIT  118  687 
Operational EBIT margin  7.4%  31.5% 
Fair valuations and non-operational items (FV)1  25  -17 
Items affecting comparability (IAC)1  -224  -2 
Operating result (IFRS)  -81  668 
Operating capital, average  2,625  2,715 
Operational ROOC  4.5%  25.3% 
Cash flow from operations  431  682 
Cash flow after investing activities  234  536 
Pulp deliveries, 1,000 tonnes  2,277  2,554 
1 The IAC for 2023 included restructuring expenses from the closure of the Sunila pulp production of EUR -116 million, impairments of 
fixed assets of EUR -59 million for the Uimaharju site, impairment of goodwill of EUR -44 million for the Nordic Mills CGU, EUR -4 million 
of other cases. The fair valuations for 2023 included non-operational fair valuation changes of biological assets of EUR 25 (-17) million.
Biomaterials division sales were EUR 1,587 (2,180) million, down 27% from all-time high sales in 
2022, due to significantly lower pulp sales prices in all grades and lower sales volumes, due to 
market-related curtailments and the closure of the Sunila site in Finland announced in 
September 2023. Market conditions were challenging with lower demand.
Operational EBIT at EUR 118 (687) million decreased by 83%, mainly due to significantly 
lower sales prices and volumes. Operational EBIT was negatively impacted by significantly 
higher variable costs, mainly for wood. 
Wood Products division
The Wood Products division is Europe’s largest sawn timber producer and a leading provider of sustainable 
wood-based solutions for the global construction industry. Additionally, it offers window and door components, 
and co-products such as pellets made from wood residuals.
EUR million 2023 2022
Sales  1,580  2,195 
Operational EBITDA  -17  356 
Operational EBITDA margin  -1.0%  16.2% 
Operational EBIT  -64  309 
Operational EBIT margin  -4.1%  14.1% 
Items affecting comparability (IAC)1  -22  -56 
Operating result (IFRS)  -86  253 
Operating capital, average  687  714 
Operational ROOC  -9.3%  43.2% 
Cash flow from operations  43  346 
Cash flow after investing activities  3  264 
Wood products deliveries, 1,000 m3  3,727  4,235 
1 The IAC for 2023 included impairments of fixed assets of EUR -7 million for the Veitsiluoto site, EUR -4 million for the Launkalne site, 
EUR -5 million for the Honkalahti site, EUR -4 million impact from disposal of Näpi site and EUR -3 million from disposal of Wood 
Products DIY unit, EUR 1 million other cases. The IAC for 2022 was related to disposal of Russian operations.
Wood Products division sales were  EUR 1,580 (2,195) million, down 28%, due to the weakened 
market demand and clearly lower sales prices. Weakness in construction industry resulted in 
decline in building permits and project starts, and reduced the demand of the division's products 
through the year. To balance the lower demand, production curtailments were implemented. 
Operational EBIT was weak, at EUR -64 (309) million, a decrease of 121%. The negative 
impact of sales prices and volumes could not be compensated by the division's actions to lower 
the fixed costs.
Sales and operational EBIT
Biomaterials
Operational EBIT, % Sales, EUR million
2021 2022 2023
0
1,000
2,000
3,000
4,000
5,000
0%
7%
14%
21%
28%
35%
Operational ROOC
Biomaterials
Target >15% Operational ROOC, %
2022 2023
0%
10%
20%
30%
40%
50%
Sales and operational EBIT
Wood Products
Operational EBIT, % Sales, EUR million
2021 2022 2023
0
1,000
2,000
3,000
4,000
5,000
-7%
0%
7%
14%
21%
28%
35%
Operational ROOC
Wood Products
Target >20% Operational ROOC, %
2022 2023
-10%
0%
10%
20%
30%
40%
50%
Unaudited                           7 113Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Introduction 109
Markets and deliveries 109
Results 110
Investments 115
Changes in Group structure 115
Innovation, R&D 115
Non-financial information  115
EU taxonomy 118
Risk management 123
TCFD 127
TNFD 128
Legal proceedings  128
Changes in management 128
Share capital 129
Outlook and sensitivity analysis  130
AGM 130
Dividend 130
Alternative performance measures  132
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

===== SIDA 114 =====

Forest division
The Forest division is responsible for wood sourcing for Stora Enso’s Nordic and Baltic operations and B2B 
customers. It manages the Group’s forest assets in Sweden and a 41% share of Tornator, whose forests are 
mainly located in Finland. The division’s operations are based on sustainable forest management from 
planning and logistics to harvesting and forest regeneration.
EUR million 2023 2022
Sales  2,490  2,519 
Operational EBITDA  305  256 
Operational EBITDA margin  12.2%  10.2% 
Operational EBIT  253  204 
Operational EBIT margin  10.2%  8.1% 
Fair valuations and non-operational items (FV)1  206  367 
Items affecting comparability (IAC)1  2  -48 
Operating result (IFRS)  461  523 
Capital employed, average  5,740  5,518 
Operational ROCE  4.4%  3.7% 
Cash flow from operations  70  146 
Cash flow after investing activities  19  91 
Wood deliveries, 1,000 m3
 32,401 38,217
Operational fair value change of biological assets  120  87 
1 The IAC for 2023 included a reversal of land related impairment of EUR 5 million and other provision updates of EUR -3 million. The 
IAC for 2022 included land related impairment of EUR -5 million and EUR -43 million related disposal of Russian operations. The fair 
valuations for 2023 included non-operational fair valuation changes of biological assets of EUR 156 (201) million, non-operational items 
of associated companies of EUR 56 (169) million, and EUR -5 (-3) million impact from adjustments for differences between fair value and 
acquisition cost of forest assets upon disposal.
Forest division sales were EUR 2,490 (2,519) million, down 1%. Higher sales prices were offset 
by lower demand.
Operational EBIT at EUR 253 (204) million increased by 24%. The increase was due to 
the strong operational performance and higher sales prices in the Group’s own forest assets.
Other
The segment Other includes the divested paper sites until the completion of the divestments, the reporting of 
the emerging businesses (including Formed Fiber and Selfly Stores), as well as Stora Enso’s shareholding in 
the energy company Pohjolan Voima (PVO), and the Group’s shared services and administration.
EUR million 2023 2022
Sales  964  2,150 
Operational EBITDA  18  102 
Operational EBITDA margin  1.9 %  4.7 %
Operational EBIT  1  63 
Operational EBIT margin  0.1 %  2.9 %
Fair valuations and non-operational items (FV)1  -13  6 
Items affecting comparability (IAC)1  -28  -33 
Operating result (IFRS)  -41  36 
Cash flow from operations  -105  -136 
Cash flow after investing activities  -123  -203 
1 The IAC for 2023 included EUR 29 million related to restructuring of Kvarnsveden, EUR 9 million to restructuring of Veitsiluoto, and 
EUR -15 million to restructuring of Group Functions, EUR 52 million related to disposal of Maxau, EUR -30 million to disposal of Nymölla, 
EUR -45 million to disposal of Hylte, EUR -14 million to disposal of biocomposite business, and EUR -6 million on disposal transactions 
costs, EUR -14 million related to fixed asset impairments in Group Operations unit and EUR 6 million related to environmental provision 
updates. The IAC for 2022 included EUR 13 million related to restructuring of Kvarnsveden, EUR -10 million to restructuring of 
Veitsiluoto, EUR -28 million on impairments, transaction cost and other items related to paper site disposals of Nymölla, Hylte and 
Maxau, EUR -13 million related updates in environmental provisions, EUR 8 million on Kvarnsveden site disposal, EUR -1 million related 
to disposal of Russian operations and EUR -1 million other cases. The fair valuations for 2023 included non-cash income and expenses 
related to CO2 emission rights and liabilities of EUR -13 (6) million.
Comparative figures have been restated as described in our release from 29 March 2023.
Sales for the segment Other were at EUR 964 (2,150) million and operational EBIT EUR 1 (63) 
million. The reduction from the previous year was mainly driven by the sale of the paper 
production units in Sweden and Germany.
Sales and operational EBIT
Forest
Operational EBIT, % Sales, EUR million
2021 2022 2023
0
1,000
2,000
3,000
4,000
5,000
0%
7%
14%
21%
28%
35%
Operational ROCE
Forest
Target >3.5% Operational ROCE, %
2022 2023
0%
2%
4%
6%
8%
10%
Unaudited                           8 114Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Introduction 109
Markets and deliveries 109
Results 110
Investments 115
Changes in Group structure 115
Innovation, R&D 115
Non-financial information  115
EU taxonomy 118
Risk management 123
TCFD 127
TNFD 128
Legal proceedings  128
Changes in management 128
Share capital 129
Outlook and sensitivity analysis  130
AGM 130
Dividend 130
Alternative performance measures  132
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

===== SIDA 115 =====

Investments and capital expenditure
Additions to fixed and biological assets including internal costs capitalised in 2023 totalled 
EUR 1,125 (778) million. The total amount includes additions in biological assets of EUR 71 
(77) million.
In February, Stora Enso announced approximately EUR 30 million investment in its Heinola 
Fluting site in Finland to renew the energy set-up and process equipment. After the investment, 
the site can replace also the remaining fossil-based fuels with renewable bioenergy. This will 
reduce the site’s fossil-based greenhouse gas emissions by more than 90%.
In June, Stora Enso and Tetra Pak completed the investment in increasing the recycling 
capacity of beverage cartons in Poland. The total investment was EUR 29 million, of which 
Stora Enso’s share was EUR 17 million. A new repulping line was built at the Ostrołęka site 
recovering the carton fibers.
The EUR 21 million investment, announced in June 2021, to improve the competitiveness 
and environmental performance of the Anjalankoski production sites was completed during 
the third quarter of 2023.
The expansion of board production capacity, announced in 2021, at the Skoghall site in 
Sweden was completed in November. Following the investment, the annual packaging board 
production increased by approximately 100,000 tonnes to over 900,000 tonnes. The site started 
to deliver commercial quality in liquid packaging board (LPB) and coated unbleached kraft (CUK) 
according to plan. 
The EUR 10 million investment, decided in April 2022, at the Enocell site, Finland, was 
completed during the fourth quarter of 2023. The investment reduced annual operational CO2 
emissions replacing fossil-based fuel oil with renewable pitch oil made from trees. This 
complements the main energy source, sawdust powder, utilising 100% bio energy. 
The EUR 1 billion investment at the Oulu site in Finland to convert the remaining idle paper 
machine into a high-volume consumer board line is moving ahead according to schedule. 
Production is expected to start during 2025. The investment supports the Group’s growth 
strategy in renewable packaging by providing new volume for growing packaging segments. 
The targeted end-use segments are food and beverage packaging, especially frozen and chilled, 
and dry and fast food, mainly in Europe and North America.
During the year, Stora Enso completed a feasibility study regarding the conversion of one of 
the two paper line at its Langerbrugge site in Belgium into a high-volume recycled 
containerboard line, and decided to postpone the decision regarding the possible future 
conversion, until there are more favourable market conditions for containerboard.
The other main projects ongoing at the end of 2023 were were De Lier site expansion in 
the Netherlands and improvements of fluff pulp production at the Skutskär site in Sweden.
Changes in the Group structure
The acquisition of De Jong Packaging Group, based in the Netherlands, for an enterprise value 
of EUR 1,020 million was completed in January 2023. 
Stora Enso finalised the divestment of its paper assets in 2023. The divestment of the 
Nymölla paper site in Sweden to Sylvamo was completed in January, the divestment of the 
Maxau site in Germany to Schwarz Produktion was completed in March and the divestment of 
the Hylte site in Sweden to Sweden Timber was completed in April. The Anjala paper mill in 
Finland and the Langerbrugge paper mill in the Netherlands were retained in the Group.
During the year, Stora Enso closed down its Sunila pulp production and lignin extraction unit 
in Finland, the De Hoop containerboard site in the Netherlands, one containerboard line at its 
Ostrołęka site in Poland, and the Näpi sawmill in Estonia.
Stora Enso is in the process of divesting its consumer packaging site and forestry operations 
in Guangxi, China.
Innovation, research and development
Stora Enso’s total spend on innovation, research and development in 2023 was EUR 114 (112) 
million, equivalent to 1.2% (1.0%) of total sales. Research and development work is a basic 
element for staying relevant and competitive towards customers. In 2023, Stora Enso employed 
approximately 330 people in research and development. The responsibility of product 
innovations and development of services is with the business divisions.
Stora Enso's growth focus is on the development of sustainable packaging applications to 
replace plastic-based materials; bio-based barriers solutions for packaging; innovative 
biomaterials or high-end applications; and the development of sustainable wooden-based 
materials and components which store carbon and improve energy efficiency of buildings. 
Stora Enso’s long-term science and research priority is to address the early research at 
universities and institutes for enabling breakthroughs and competence build-up to meet the 
needs of the divisions. The Group Innovation and R&D is working closely with the strategic 
partner universities, research institutes and excellence centers to get answers to central 
scientific questions related to renewable materials. 
Intellectual property (IP) is an important tool to support Stora Enso's development of 
innovative products and processes and safeguarding the Group's intellectual assets. During 
2023, Stora Enso continued to strengthen its patent portfolio by applying for patents for 83 new 
innovations. The focus of the new patent filings was within the Biomaterials, Packaging Materials 
and Packaging Solutions divisions. The Biomaterials division has new patent filings related to 
Lignode, biobinders, biofoam, and circular chemicals. The Packaging Materials division 
continues to strengthen the patent portfolio with filings related to barriers, board technology and 
circular packaging. The Packaging Solutions division has new patent filings related to, for 
example, formed fiber and packaging design. Stora Enso’s patent portfolio amounts to over 
3,500 applications and granted patents. 
Non-financial information 
Requirements of non-financial information reporting according to the Finnish Accounting Act are 
reported below. The scope of the reporting includes those non-financial topics that relate to the 
Group’s key risks.
Risks and policy principles related to these topics are additionally described in the chapters 
Risks and Risk Management, Task Force on Climate-related Financial Disclosures (TCFD), and 
Task Force on Nature-related Financial Disclosures (TNFD).
Business model
Stora Enso is one of the leading providers of renewable products in packaging, biomaterials, and 
wooden construction, and one of the largest private forest owners in the world. Sustainability is 
embedded in the Group's strategy and responsible business practices. Stora Enso contributes to 
the transition towards a circular bioeconomy in the three areas where it has the biggest impact 
and opportunities: climate change, biodiversity, and circularity. A description of Stora Enso's 
business model is presented at the beginning of the Report of the Board of Directors.
Stora Enso acknowledges the importance of the United Nations Sustainable Development Goals 
(SDGs) and supports all seventeen SDGs. The SDGs ‘Responsible consumption and 
production’ (goal 12), ‘Climate action’ (goal 13), and ‘Life on land’ (goal 15) have been identified as 
the most relevant, where the Group has the largest impact through its own operations and products.
Unaudited                           9 115Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Introduction 109
Markets and deliveries 109
Results 110
Investments 115
Changes in Group structure 115
Innovation, R&D 115
Non-financial information  115
EU taxonomy 118
Risk management 123
TCFD 127
TNFD 128
Legal proceedings  128
Changes in management 128
Share capital 129
Outlook and sensitivity analysis  130
AGM 130
Dividend 130
Alternative performance measures  132
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

===== SIDA 116 =====

Sustainability governance
Sustainability is a key element of Stora Enso’s corporate governance owned by the Board of 
Directors, the President and Chief Executive Officer (CEO), and the Group Leadership Team 
(GLT). The CEO carries the ultimate responsibility for the implementation of the sustainability 
agenda. Sustainability work is led by the Executive Vice President, Sustainability, who reports 
directly to the CEO and is part of the Group Leadership Team (GLT). The Board of Directors’ 
Sustainability and Ethics Committee oversees the implementation of Stora Enso’s sustainability 
agenda, and Ethics and Compliance Strategy. The Committee met four times in 2023.
Stora Enso’s Sustainability Policy describes the Group's overall approach to sustainability 
and the governance model. The Code of Conduct and other policies, guidelines, and statements 
on specific sustainability topics further elaborate the approach, while also guiding the Group’s 
employees in their everyday work. These documents are available at storaenso.com/
sustainability. 
More information about Stora Enso’s approach to sustainability is available in the sections 
Our strategy, Our people, and Sustainability reporting. 
Environmental matters
Climate change
Key policy: Policy for Energy and Climate change
Stora Enso's science-based target is to reduce absolute Scope 1 and 2 CO2e emissions from 
operations by 50% by 2030 from the 2019 baseline, in line with the 1.5-degree scenario. Stora 
Enso is also committed to reducing absolute Scope 3 CO2e emissions by 50% by 2030 from the 
2019 baseline.
In 2023, Stora Enso’s absolute CO2e emissions (Scope 1 and 2) were 41% lower than the 
baseline level (27%1 lower in 2022). The Group's CO2e emissions elsewhere along the value 
chain (Scope 3) were 34% lower than the baseline level (24%1 lower in 2022). During 2023, the 
emissions in all three Scope categories decreased mainly as a consequence of lower production 
volumes as well as site and production line closures.
Sustainable forestry and biodiversity
Key policy: Wood and Fiber Sourcing and Land Management Policy
Stora Enso is committed to achieving a net-positive impact on biodiversity in its own forests and 
plantations by 2050 through active biodiversity management. The Group steers its biodiversity 
actions through a Biodiversity Leadership Programme to improve biodiversity at species, habitat, 
and landscape levels. Progress is monitored with science-based impact indicators reported in 
the chapter Sustainable forestry and biodiversity of the Sustainability reporting section. 
Stora Enso uses its own forest in Sweden as a platform for continuously developing new 
biodiversity management practices to be adapted to local conditions and implemented in 
different geographical areas when feasible. Measures to be developed, tested, and used in the 
Group's own forests in Sweden include: application of digital tools to improve accuracy of 
planning and operations; increasing amount of deadwood and broad-leaved trees, especially 
birch; continuous cover forestry in suitable areas; and increasing use of controlled burning in 
forest regeneration.
Currently, Stora Enso follows its progress on sustainable forestry with a key performance 
indicator that measures the proportion of land in wood production and harvesting owned or 
leased by Stora Enso covered by forest certification schemes. At the end of 2023, Stora Enso's 
owned or leased lands covered a total area of 2.02 million hectares (2.01 million hectares in 
2022). The majority of Stora Enso’s owned or leased lands are located in Sweden. For more 
details, see note 4.2 Forest assets. The Group’s target is to maintain the high level of 96%, and 
in 2023, the certification coverage amounted to 99% (99%2 in 2022). Certain purchased areas in 
Stora Enso’s joint operations in Brazil and Uruguay were in the certification process but not yet 
certified by the end of 2023.
In 2023, the total amount of wood (including roundwood and wood chips) delivered to 
Stora Enso's production sites was 28.1 million m3 (solid under bark) (35.1 million m3 in 2022). 
The proportion of third-party certified wood in the Group's total wood supply was 81% (80%).
Circularity
Key policy: Circular Design Guidelines
Stora Enso is committed to circular material flows that help to minimise waste and combat 
climate change. The target is to achieve 100% technically recyclable products by 2030. By the 
end of 2023, 94% (94% in 2022) of the Group's products were recyclable.3
Water
Key policy: Environmental Guidelines
Stora Enso constantly strives to improve its water performance through targeted investments. 
As of 2023, a new Group goal was set to reduce specific process water discharges per saleable 
tonne (m3 tonne) by 17% from the 2019 baseline (36 m3/tonne) by 2030. In 2023, the process 
water discharges were 35 m3/tonne (34 m3 in 2022), with a 3% decrease from the baseline.
For total water withdrawal, the target is to maintain a decreasing trend from the 2016 baseline  
(60m3/tonne). In 2023, total water withdrawal was 61 m3 per saleable tonne (57 m3 in 2022). 
Lower production volumes are currently adversely affecting the performance per saleable tonne, 
as a regular water flow needs to be maintained, particularly in wastewater treatment.
 
Social and employee matters
Employees
Key policies: Minimum Human Resources Requirements for labour conditions
On 31 December 2023, there were 19,842 (20,879) employees in the Group. The average 
number of employees in 2023 was 20,822, which is 969 less than the average number in 2022. 
The figures include 50% of the employees at Veracel in Brazil and Montes del Plata in Uruguay. 
Read more in the chapter Employees in the Sustainability reporting section. 
Personnel expenses totalled EUR 1,275 (1,315) million or 13.6% of sales. Wages and 
salaries were EUR 962 (996) million, pension costs EUR 147 (152) million, and other employer 
costs amounted to EUR 162 (160) million.
Unaudited                           10
1 Comparative figures are restated due to structural changes or additional data after previous annual report.
2 Reporting on total land area and its forest certification coverage aligned with financial reporting on forests assets. For more information, see note 4.2
3 Based on the technical recyclability of products and their production volumes consolidated as tonnes. Technical recyclability is defined by international standards and tests, when available, and in absence of these, by Stora Enso’s own tests that prove recyclability. The reporting 
scope includes Stora Enso’s packaging, pulp, paper, and solid wood products as well as biochemical by-products.
116Stora Enso 2023: Financials
Our year 2023 This is Stora Enso Our strategy Our people Shareholders AppendixRemunerationGovernanceSustainability reporting Financials
Financials 
Report of the Board of Directors 109
Introduction 109
Markets and deliveries 109
Results 110
Investments 115
Changes in Group structure 115
Innovation, R&D 115
Non-financial information  115
EU taxonomy 118
Risk management 123
TCFD 127
TNFD 128
Legal proceedings  128
Changes in management 128
Share capital 129
Outlook and sensitivity analysis  130
AGM 130
Dividend 130
Alternative performance measures  132
Consolidated financial statements  135
Notes to the Consolidated 
financial statements  140
Parent Coompany  
financial statement and notes 193
Signatures 205
Auditor’s report 206

===== SIDA 117 =====